British Land has exchanged contracts to buy Royal Victoria Place in Tunbridge Wells from Hermes in a deal worth £96m, which is due to complete next month.
Hermes bought the shopping centre from Westfield in 2012 as part of a £159m portfolio deal, and last summer they revealed plans for a 142,625 sq ft retail and leisure extension to Royal Victoria Place. The extension forms part of a broader £70m redevelopment of the scheme by Hermes, which will also include a 30,300 sq ft cinema.
Charles Maudsley, Head of Retail, Leisure & Residential at British Land, reportedly told the business media: ‘We’re focused on ensuring our portfolio and the space within it reflects the way retail is changing, both in terms of how people are choosing to shop and how retailers do business.
‘Key to this is providing high-quality space which enables retailers to effectively showcase their range, facilitate transactions and support fulfilment, while also recognising that shoppers increasingly wish to combine retail outings with other leisure activities.
‘Our acquisition at Tunbridge Wells is in line with that approach. This is a well-located, high quality mixed use asset which presents a real opportunity to drive further value and returns, as we apply the extensive asset management, operational retail and placemaking expertise we have within British Land.’
