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New Owner for Metrocentre as £516m Takeover Agreed
The acquisition gives Landsec full control of a top-10 UK shopping centre and comes as it expects net rental income growth of 3% to 5%.
- London-Based Landsec agreed to purchase the Metrocentre shopping complex in Gateshead from Tynehawk Holdings for £516 million, announcing a £500 million equity fundraiser on Thursday to help finance the acquisition.
- Following the 2020 collapse of previous owner Intu, investors from Tynehawk took control of the business and launched a sale process earlier this year, drawing interest from competitors including Mike Ashley and Frasers Group.
- With 282 stores, Metrocentre currently boasts a 95% occupancy rate and generates around £650 million in retail sales from more than 16 million yearly visitors across its retail space.
- Acquiring the Metrocentre positions Landsec to own three of the top 10 shopping centres as part of a £1 billion retail investment strategy. Chief Executive Mark Allan called it a 'highest conviction call' based on strong income yields.
- Completion remains contingent on bondholder consent and dissolution of a legacy Intu entity expected next month, as Landsec shifts focus toward major retail destinations and away from office developments.
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LandSec Plans £500 Million Share Sale to Buy Metrocentre Mall
·New York, United States
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Evening Standard+2 Reposted by 2 other sources
Landsec to buy Metrocentre in £516 million deal
The London-listed firm said it would launch a £500 million equity fundraiser to help fund the deal.
·London, United Kingdom
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Coverage Details
Total News Sources15
Leaning Left2Leaning Right0Center6Last UpdatedBias Distribution75% Center
Bias Distribution
- 75% of the sources are Center
75% Center
L 25%
C 75%
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