Metro fund sells N1 Islington

The Metro Shopping Fund (Metro fund), the 50/50 London based retail joint venture between Land Securities and Delancey, announced today that it has completed the sale of Islington’s N1 shopping centre for around £112m to Henderson Global Investors for its German business Warbug-Henderson KAG.

At approximately 150,000 sq ft the N1 centre has a shopping, catering and entertainment offer with a Vue cinema, Next, Gap, HMV, FCUK as well as an O2 academy and several restaurants and bars.

Commenting on behalf of Metro, Tim Haden Scott, Delancey, said:

“The successful sale of the N1 centre reflects the improvements made to the centre through the Metro fund’s active management of the asset. We will now focus on our plans for the remaining assets in the fund.”

Ashley Blake of Land Securities, added:

“We are pleased with the successful outcome of the sale and the proceeds will now be recycled into the fund. Looking forward we are improving the retail offer at the Southside shopping centre in Wandsworth through asset management and development activity and will continue to look to drive improved performance across the remaining assets.”

source : Land Securities