Land Securities snaps up Overgate

One of Scotlands's biggest city centre shopping complexes has changed hands in a deal worth £141 million.

Dundee's 420,000sq ft Overgate centre has been bought by commercial property giant Land Securities from a Lend Lease venture, it was announced yesterday.

The centre, which attracts more than 14 million visitors a year, was purchased at an attractive yield of about 6.9 per cent.

Land Securities said the city was set to benefit from significant regeneration projects, which are mostly along the waterfront, just five minutes walk from the Overgate, which is built over two levels.

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