Northern Company In Victoria Purchase

William Ewart Properties of Belfast has paid £92.5m ($185m) to take over the Victoria Place Shopping Centre at London's Victoria railway station. The purchase adds to Ewart's London transit portfolio which already comprises retail centers at Fulham Broadway and Hammersmith Broadway in London.

The Victoria Place Shopping Centre covers 83,000 sq ft and features 45 retail units.

"We see this purchase as a natural addition to our London transit portfolio," said Ewart chief executive Nick Reid.

"Since we purchased the centers at Hammersmith and Fulham we have grown the rent rolls and significantly enhanced the tenant mix through active, hands-on asset management.

"We see similar opportunities at Victoria Place and we will be actively working to maximize its potential once we complete the acquisition early in 2008."

He also pointed out that some 115 million people pass through Victoria Station every year.

"When you add this to the 80 million footfall figures for Hammersmith and Fulham, it delivers fantastic potential reach to our retail partners," the chief executive said. Ewart's total portfolio is now approaching £1.5bn, with around £700m centered on retail assets in Britain.