Property giant in £141m deal for mall

Land Securities, the UK's largest property company, has bought the Overgate shopping centre in Scotland from a Lend Lease venture for £141m.

The 420,000 square feet Overgate, which the company purchased at a yield of about 6.9 per cent, attracts more than 14 million visitors a year.

It is the dominant mall in Dundee, Scotland's fourth largest city, Land Securities said in a statement.

The firm, which is the developer behind the Leeds Trinity shopping centre development being built in Boar Lane, said Dundee is set to benefit from significant regeneration projects, which are mostly along the waterfront, five minutes away from Overgate.

"It will add further value to our portfolio as we strengthen the centre's appeal as a key shopping and leisure destination in Scotland," said Richard Akers, Land Securities' managing director for retail.

Lend Lease said in a separate statement that its share of the sale by the Lend Lease Overgate Partnership, in which it has a investment of 30.7 per cent, is 42.9m, which contributes to its capital recycling for the year.