The Crown Estate has sold half its shareholding in the Westgate Centre, Oxford to Land Securities. This follows the Estate’s purchase of the centre from Capital Shopping Centres for £56 million. Land Securities is paying £28 million for the stake, a yield of 6.75%. The attraction for the developer is that a site has been cleared adjacent to the 29,728 sq.metres complex for a new shopping centre of 69,675 sq.metres to be anchored by a John Lewis department store, John Akers of Land Securities said: “In partnering the Crown Estate, we are building on the relationship established at Exeter and based on a shared approach to long term asset management.”
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