News Retail Real Estate : Landsec Completes Full Ownership of Cardiff St David Shopping Center
Landsec has achieved 100% ownership of St David’s shopping center in Cardiff by acquiring the debt previously secured against the 50% share held by Intu. In a separate transaction, the company has also obtained the vacant Debenhams store adjacent to the shopping center for a minimal cost.
This acquisition paves the way for Landsec to realize its future vision for the center, which includes introducing new public spaces, enhancing food and beverage (F&B) and leisure offerings, and refreshing the brand mix.
Bruce Findlay, Managing Director of Retail at Landsec, highlighted the significance of this acquisition, stating, "Acquiring this final stake in St David’s is testament to our ability to unlock complex opportunities and enables us to take forward our placemaking plans for what is the dominant retail destination in Wales. With annual footfall of 27 million, it also has the necessary attributes of what we see as a shopping center of the future."
Over the past 18 months, several well-known brands have committed to opening new stores or expanding their existing presence at St David’s, including Zara, Ivy Asia, Gaucho, Footasylum, and The Fragrance Shop.
Findlay emphasized the growing trend of renowned brands moving to prime city-center locations like St David’s to create exceptional guest experiences. Landsec's investment positions them perfectly to leverage this trend, driving increased footfall and spending while contributing to the exciting future of Cardiff's city center.
He also noted, "It’s clear that the flight to prime isn’t slowing, and we’re investing at a time where values are at a level that makes this transaction very attractive."