Wearside's prime shopping centre The Bridges has been sold to clients of a European real estate giant in a multi-million pound deal.
Owners Land Securities has exchanged contracts to sell The Bridges to clients of AEW Europe for £152m, a deal it said reflects a net initial yield of 6.9%.
The Bridges totals 550,000 sq ft and is anchored by Debenhams with a further 100 shops including Foot Locker, Superdry and TopShop.
Land Securities bought The Bridges in 1993 and extended the centre in 2000, but said the firm is “not part of our strategic focus”.
Scott Parsons, managing director, retail at Land Securities, said: “Our retail strategy is to move the portfolio towards dominance, experience and convenience.
“The Bridges trades well currently but is not part of our strategic focus, and the strong market conditions for retail assets have allowed us to move quickly to crystallise value from the asset.”
AEW Europe is a leading European real estate investment manager with nine offices throughout Europe and 270 employees who are responsible for assets under management worth 18 million Euros as of 31 December 2013.
The company has a wide spectrum of real estate investment strategies from core to opportunistic and manages a range of sector specific funds, separate accounts and club deal strategies.
Land Securities is the UK’s largest listed commercial property company and a member of the FTSE 100.
The company owns and manages more than 24 million sqft of property, from shopping centres to offices, valued in excess of £11.8bn.