Land Securities and Delancey have exited The Metro Shopping Fund following completion of the sale of the 50 per cent stake in Southside Shopping Centre currently held by DV4, clients of Delancey, to Invesco Real Estate for £150m, and the sale of Land Securities 50 per cent stake in ShopStop, Clapham Junction to DV4. The third-party debt in the fund has now been repaid.
Southside provides 630,000 sq ft of prime retail and leisure space in Wandsworth, south west London and is now held by a 50/50 joint venture between Land Securities and Invesco. Land Securities has taken over the asset management of Southside, whilst Delancey has taken full asset management responsibility for ShopStop, a 70,000 sq ft mixed-use scheme comprising a range of shops, cafes and bars at the entrance to Clapham Junction station.
Ailish Christian-West, Head of Shopping Centres at Land Securities, said: “The sale of Shopstop follows a strong period of growth. We are delighted to be taking on asset management responsibilities at Southside and welcome Invesco as our new partner.”
Tim Haden-Scott, Investment Director at Delancey, on behalf of investment fund DV4, said: “We are delighted to announce the sale of DV4’s 50 per cent stake in Southside Shopping Centre and acquisition of the remaining 50 per cent of ShopStop, Clapham Junction from Land Securities. Forming the retail offer at Clapham Junction railway station, one of Europe’s busiest stations and located in an affluent area of London, ShopStop offers a significant future redevelopment opportunity for DV4.”
