The offer has been recommended by the Tops board, headed by the combative Everard Goodman. Tops Estates' property portfolio comprises seven shopping centres across 2.5 million sq ft (232,250 sq m). Together they generate£30.4 million a year in rent. There are three in the North, three in the Midlands and one in London.
Clayton Square Shopping Centre will consolidate Land Securities' strong position in Liverpool, where it already owns the St John's Centre. In Leeds, the Leeds Shopping Plaza will give Land Securities an entry into one of the UK's top 10 city centre retail markets.
Goodman had been blocking development plans by USS, but Land Securities is likely to adopt a more conciliatory approach to its neighbour. This could bring forward the prospect of a major city centre scheme to rival Hammerson's Harewood Quarter development, which is to be anchored by John Lewis.
In addition, the deal brings a major urban regeneration opportunity at Corby (pictured), as well as town centre schemes at Stafford, Harrogate, Worcester and London' Shepherd's Bush.
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