Land Securities buys stake in Westgate Centre

Land Securities has announced that it has bought a 50 per cent stake in the Westgate Centre, in Oxford from The Crown Estate for just over £28million representing a yield of 6.75 per cent. The property will be jointly held in a new Limited Partnership.

The 320,000 square foot centre comes with two cleared sites at the rear which had been acquired previously to facilitate development of a 750,000 square foot shopping centre anchored by John Lewis Partnership. It also benefits from an adjoining local authority owned 1,200 car park.

The centre includes national multiple retailers such as Sainsbury’s, Primark, Next and New Look.

Commenting on the purchase Richard Akers, managing director of the Land Securities Retail Portfolio said: “Oxford is potentially one of the most exciting city centre retail opportunities in the UK. The City’s character, combined with strong tenant demand and an attractive catchment, provide excellent scope for both asset management and development.

"In partnering with The Crown Estate we are building on the relationship established at Exeter and based on a shared approach to long-term asset management.”