Land Securities and Delancey exited The Metro Shopping Fund following completion of the sale of the 50% stake in Southside Shopping Centre held by DV4, clients of Delancey, to Invesco Real Estate for £150m, and the sale of Land Securities 50% stake in ShopStop, Clapham Junction to DV4.
Working in close liaison with the communications teams at Delancey, Invesco Real Estate and Land Securities, Redwood helped to co-ordinate a press update about the changes to Metro Fund, concurrently with Invesco’s announcement of its purchase of the Southside stake.
Redwood has worked alongside Delancey and Land Securities for many years, promoting the transformation they were progressing at Southside, the 630,000 sq ft of prime retail and leisure space in Wandsworth, south west London.
Tim Haden-Scott, Investment Director at Delancey, commented: “Since establishing the Metro Shopping Fund 13 years ago, we have enjoyed a successful longstanding partnership with Land Securities, which has been responsible for significant developments at the Southside Shopping Centre scheme. Southside has proven to be an excellent asset, however now our business plan has come to an end with the completion of the Garratt Lane development, we will refocus activity to assume full asset management responsibility for ShopStop, Clapham Junction – an asset which was also formerly held within the Metro portfolio.”
News of the ownership changes was published across a range of target media including IPE Real Estate, PropertyEU, Property Week, Costar, Europe Real Estate and Property Investor News.