Property firm British Land has entered an agreement to buy 50% of retail centre SouthGate in Bath from commercial developer Multi Southgate for £101 million.
The remaining 50% of SouthGate is owned by Aviva Investors and the acquisition is expected to complete by the end of the month.
SouthGate, a 430,000 sq ft open air retail scheme, has 55 retail units anchored by Debenhams, H&M and Topshop. The centre is now 93% let having recently added Hollister, Apple, Urban Outfitters, All Saints and Boux Avenue to its portfolio.
The centre, which opened in November 2009, benefits from an annual footfall of 18 million visitors.
Charles Maudsley, head of retail for British Land, said the “lack of out of town competition and footfall” made it one of the “best centres” in the south of England.
He added: “The scheme has dramatically altered the retail offering in an area historically undersupplied with good quality, well configured retail space. We will build on these fundamentals by completing the final lettings post development, broadening the tenant mix to appeal to a wider customer base, and improving the scheme’s presence and experience.”