Landsec is reportedly close to agreeing to acquire the Metrocentre shopping center in Gateshead, England, in a deal valued at around £500 million ($677 million), according to The Times.
The property, one of Europe’s largest shopping centers, has more than 300 shops, cafes and restaurants. It was put on the market this year by the Metrocentre Partnership, whose investors include the Church Commissioners for England and Singapore sovereign wealth fund GIC.
The sellers had been seeking approximately £500 million ($677 million) for the property, although analysts at Peel Hunt believe Landsec could pay “well in excess” of the asking price, according to the report. Landsec has reportedly faced competition for the asset from Frasers Group and Hammerson.
The potential acquisition would support Landsec’s strategy to expand its retail
