Land Securities buys Gateshead's Metrocentre shopping centre for £516m in a £500m equity raise

From the Newshound archive · first published 2 October 2026.

Land Securities has agreed to acquire the Metrocentre in Gateshead — one of Europe's largest shopping centres — for £516m, funded through an accelerated share sale issuing 81.8 million new shares at 600p each. The property giant says the deal, which also draws on existing debt and includes around £100m of portfolio consolidation, will boost earnings per share in its first full year. Landsec reiterated its target of around 5% annual EPS growth through to FY2030, with lettings and rent performance already running ahead of estimated rental value.

The £500m accelerated bookbuild has already been completed with books covered, according to the bookrunner.

Landsec says near-term lettings momentum across its portfolio is running ahead of estimated rental value, underpinning its confidence in the deal's returns.

The Metrocentre acquisition represents one of the biggest single retail property deals in Britain in years, cementing Landsec's bet on dominant out-of-town retail.