Henderson buys Islington shopping centre for £112m

The fund manager has bought the shopping centre from the Metro Shopping Fund, a joint venture between Land Securities and Delancey, as tipped by Property Week.

The 150,000 sq ft centre has tenants including a Vue cinema, Next, and Gap, as well as an O2 academy and several restaurants and bars.
Delancey’s Tim Haden Scott 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.”

Land Securities’ Ashley Blake added: “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.”
Andrew Creighton, director of property at Henderson Global Investors, said: “We recognised an excellent opportunity in this shopping centre which benefits from its prime location within the affluent Borough of Islington. We anticipate excellent future growth prospects and see it as a compatible addition to our current portfolio.

“The distinct lack of competing schemes in the immediate area, the long average unexpired lease lengths and the opportunity to add to the already impressive tenant line up provides for a very attractive investment opportunity. “

Warburg-Henderson was advised by CB Richard Ellis and the Metro Fund was advised by Cushman & Wakefield.