Two U.K. properties sell for £443m
Two U.K. properties, totaling more than 1.4 million square feet, sold for approximately £442.7 million.
The higher priced of the two assets was the Cabot Circus shopping center in Bristol, England. AXA Real Estate Investment Managers, on behalf of clients, has agreed to buy a 50 percent stake in the 1.37 million-square-foot mall for £267.8 million ($447.4 million). The seller was Land Securities. Joint venture partner Hammerson Plc holds the remaining 50 percent stake. The completion of the acquisition is subject to E.U. merger control notification.
Hammerson, which is retaining its 50 percent stake in Cabot Circus, will take over the management of the center encompassing property and asset management, leasing and marketing. AXA Real Estate will have a strategic asset manag