The global real estate investment manager, Invesco Real Estate has revealed that they are in the process of acquiring one of the largest shopping centres in London. The acquisition is happening in partnership with Land Securities, with Invesco acquiring a 50% interest in the shopping centre.

The shopping centre in question is the Southside Shopping Center that is located in Wandsworth, South London. The investment company will be acquiring the property from Delancey. Invesco Real Estate will be replacing Delancey in their 50/50 split partnership of the shopping centre with Land Securities, the listed property company.

It is thought that this transaction is an opportunity to invest in in a dominant shopping centre that has a wide range of tenants and the potential to expand in an improving area of London. The deal will cost £150 million, and Invesco will take over 50% of the management from Delancey as part of their pan-European core strategy. Partnering with Land Securities will also be beneficial as the property company has a track record of owning and managing shopping centres. The Southside Shopping Centre is a valuable asset that will add to Invesco’s property portfolio.

The Southside Shopping Centre is a 630,000 sq. ft. of space with a variety of tenants. Invesco are using Southside in order to grow their business allocation to shopping centres. The purchase of the south London Shopping Centre is also a vote of confidence for the UK retail market ans the overall levels of consumer spending in the UK. Invesco plan on working with Land Securities in order to improve their newly acquired asset.

Delancey has been a part of the Metro Shopping fund since its establishment 13 years ago, and has experienced a longstanding working partnership with Land Securities during this time. Land Securities has been the party responsible for the significant developments that have taken place at Southside and the shopping centre has proven to be an important asset.