British developer Land Securities has sold its 50% share of the Cabot Circus shopping centre, Quakers Friars and surrounding shops in Bristol to focus on schemes in London, Leeds and Glasgow.
The stake was sold to AXA Real Estate for £267.8m and represents a share of 830,000 sq ft Cabot Circus, Quakers Friars – a 170,000 sq ft luxury goods and dining quarter – and adjoining high street shops totalling 370,000 sq ft.
Hammerson owns the other 50% of the complex.
Land Securities said the development no longer met its strategic criteria. It follows its offloading of The Bridges shopping centre in Sunderland in June.
Land Securities will now focus on schemes in larger cities including Trinity Leeds, Buchanan Galleries in Glasgow and Bluewater in Kent.