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UK REIT British Land has acquired a 50% stake in the new SouthGate retail complex in Bath, England from Dutch developer Multi.

British Land purchased the half share for £101 mln (€120 mln) from Multi Southgate (LP) Limited, the joint venture vehicle created for the scheme by Multi and Aviva Investors. Aviva Investors will retain its 50% in the complex.

The acquisition is expected to be completed by the end of September.

The 40,000 m2 complex next to Bath's main railway station boasts 55 retail units, 14 leisure units and additional office accommodation.

The complex is currently 93% let and represents a significant investment opportunity, according to British Land retail head Charles Maudsley.

‘SouthGate's strong fundamentals, the lack of out-of-town competition and footfall make it one of the best centres in the South of England. It is well let, modern and excellently located in a prime market with significant tourist spend,’ he said.

British Land was represented in the deal by CBRE and Morgan Williams.