Metro Fund sells N1 Centre for £112m
Published: 21 July, 2010
North London retail and leisure centre sold to German investors
The Metro Shopping Fund, the 50/50 joint venture between Land Securities and Delancey set up to invest in London retail, has sold Islington’s N1 shopping centre for around £112m to Henderson Global Investors for its German business Warbug-Henderson KAG.
At approximately 150,000 sq ft the N1 centre has a shopping, catering and entertainment offer with a Vue cinema, Next, Gap, HMV, FCUK as well as an O2 academy and several restaurants and bars.
Ashley Blake of Land Securities, said: “We are pleased with the successful outcome of the sale and the proceeds will now be recycled into the fund. Looking forward we are improving the retail offer at the Southside shopping centre in Wandsworth through asset management and development activity and will continue to look to drive improved performance across the remaining assets.”
