Press Release
THE CROWN ESTATE IN MAJOR OXFORD CITY CENTRE RETAIL INVESTMENT
5 February 2010
The Crown Estate, the UK’s largest commercial landowner, has confirmed today that it has exchanged contracts for the purchase of the Westgate Shopping Centre in Oxford with current owner Capital Shopping Centres.
James Cooksey, Head of Central London and Diversification at The Crown Estate said: “Westgate has a central role to play in Oxford City Centre’s retail landscape and as a long-term investor we are excited about improving the shopping experience and the existing retail mix. Our commitment and approach to managing the Westgate Centre will reflect The Crown Estate’s strong sense of stewardship and to that end we are assessing all investment and development opportunities with due regard to the importance of commercial viability. Strong and productive relationships with Oxford City Council, other key stakeholders and retailers will be central to our long-term approach.”
On behalf of the nation, The Crown Estate manages a highly diverse £6 billion property portfolio across the UK and its objectives, as laid down by Parliament under The Crown Estate Act 1961, include enhancing the value of the estate and the revenue it produces. In delivering against these objectives, The Crown Estate has committed to a strategy of diversifying its commercial property holdings away from the central London area by acquiring key assets in major city centre locations. The purchase of the Westgate Shopping Centre forms an important part of this strategy and follows the acquisition last year of a 50% share of the Princesshay Shopping Centre in Exeter.
Prior Announcment
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