Landsec to Acquire UK Retail Property for GBP516 Million

03:16 AM EDT, 10/01/2026 (MT Newswires) -- Land Securities Group (LAND.L), d/b/a Landsec, agreed to acquire the Metrocentre shopping center in Gateshead, the UK, from Tynehawk Holdings (Jersey) for 516 million pounds sterling. The property has a leasable floor area of 1.9 million square feet, which is 95% occupied with a 4.5-year average lease term, the real estate company said Thursday. The deal also covers an adjacent retail park. The transaction, expected to close by the end of October, remains subject to the dissolution of a legacy entity from Intu Properties group and bondholder consent for the restructuring of the outstanding bonds of Metrocentre Finance. Landsec plans to fund the acquisition through an equity issue and existing debt facilities.