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Land Secs buys London mall for $192.5 mln

Source: Reuters - Mon 12th Apr 2010

Land Securities, the UK's largest listed property company, said on Monday it has acquired a mall in north London for 125.9 million pounds as it seeks to expand its retail portfolio.

It bought the 300,000 square feet property, named The O2 Centre and anchored by a Sainsbury's food store, at a 6 percent yield in an off-market deal from a Matterhorn Capital and Palos Investments joint venture, the company said in a statement.

"London has proved a resilient retail market and (the centre's) potential for immediate asset management activity and longer term development plans, make it an attractive significant opportunity" Richard Akers, Land Securities Managing Director Retail Portfolio, said.

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