Â鶹ӳ»­

The Crown Estate has exchanged contracts to acquire a 50% stake in Princesshay Shopping Centre in Exeter, UK from Land Securities for close to £100 mln (EUR 111 mln).

The Crown Estate manages the property portfolio owned by the British Crown.

The 49,000-m² city centre retail scheme was completed in September 2007. Anchored by Debenhams, the scheme comprises over sixty retail units including fashion retailers Topshop, Zara, Reiss, Next, Cult and All Saints as well as restaurants La Tasca, Wagamama, Cafe Rouge and Giraffe.

Commenting on the sale, Richard Akers, managing director Retail for Land Securities said: 'The sale was agreed in July as one of the last disposals in our retail sales programme. We will continue to manage the retailer relationships established in Exeter and will use our development expertise to lead any future development activity for the centre.'

The Crown Estate said Princesshay significantly adds to its diversification portfolio of regional, urban properties, which currently comprises thirty-seven assets including offices, industrial estates, retail warehousing and shopping centres.

The Princesshay deal follows a number of significant acquisitions for the diversification portfolio. These include the purchase this autumn of prime Newcastle office development One Trinity Gardens and Stockbridge House from Aviva Investors for £40 mln and the acquisition last year of both Bath Road Retail Park, Slough, for £92 mln, and a 50% share in Crown Point Retail Park in Leeds for £67 mln.