British Land completes Tunbridge Wells purchase

Royal Victoria Place value falls by a third

British Land has bought the 280,000-sq ft Royal Victoria Place in Tunbridge Wells from Hermes for £96m. In 2012 Hermes bought out its JV partner, Westfield, in a deal that valued the property at £159m. Tunbridge Wels council retains the freehold.

Royal Victoria Place is anchored by a 90,000-sq ft Fenwick store and includes other high quality brands such as Hobbs, Hotel Chocolat, L’Occitane, M&S and Oliver Bonas.

Matthew Reed, British Land’s head of retail asset management, said: “Royal Victoria Place is a fantastic retail destination, with a great mix of retailers. We’re delighted to be investing in Royal Tunbridge Wells and look forward to working closely with the council.”

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