Land Securities Group Plc.(LAND.L) said Friday that it has exchanged contracts to sell its 50% stake in Princesshay shopping centre and surrounding properties in Exeter totalling 589,000 sq ft, to TIAA Henderson Real Estate for 127.9 million pounds, and simultaneously buy TIAA Henderson Real Estate's 50% stake in Buchanan Galleries, Glasgow for 137.5 million pounds. This takes Land Securities' interest in Buchanan Galleries to 100%.
Land Securities' existing 50% interest in Buchanan Galleries currently produces a net rental income of 7.5 million pounds, while Princesshay produces a net rental income of 7.6 million pounds.
Buchanan Galleries currently totals 600,000 sq ft of prime retail space which is home to 90 of the best high street names. Retailers include Hollister, H&M, Mango, Lipsy, Thomas Sabo, Boux Avenue and John Lewis.
Land Securities has planning consent for a leisure and retail extension to Buchanan Galleries, which would extend the centre to 1.2 million sq ft of retail, leisure and restaurant space in the heart of Glasgow, anchored by M&S and John Lewis.
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