LaSalle Investment Management has acquired The Kingdom Centre in Fife, Scotland, from AXA Real Estate Investment Management for 拢34.3 mln (鈧�40 mln).
LaSalle Investment Management has acquired The Kingdom Centre in Fife, Scotland, from AXA Real Estate Investment Management for 拢34.3 mln (鈧�40 mln).
AXA sold the asset on behalf of its client Royal London.
The deal includes a site adjacent to the shopping centre for which AXA Real Estate secured planning consent for a 80,000 sq ft (7,400 m2) supermarket development.
Located in Glenrothes, a town in the heart of county Fife in central Scotland, the Kingdom Centre is a 40,000 m2 enclosed shopping centre with 120 retail units attracting eight million visitors a year. Key anchors within the scheme include Home Bargains, Boots, Dunnes, New Look and Superdrug. The centre has a local catchment of 53,000 people living within a 10-minute drive.
Julian Best, head of UK asset management at AXA Real Estate, commented: 'Having successfully managed this shopping centre for a number of years, during which time we assembled the land and secured the planning consent required for a new supermarket, we are pleased to sell the asset on as part of an ongoing strategic rebalancing of our client鈥檚 portfolio.'
LaSalle Investment Management was advised by FG Burnett. AXA Real Estate was advised by DTZ.
