The Crown Estate has taken a 50 per cent share of the Crown Point Shopping Park, Leeds, for £67.7 million from Morley, Aviva's UK-based asset management business.

Crown Point Shopping Park is a 290,000 sq ft open consented shopping park, situated on the edge of Leeds City Centre. Tenants comprise a broad range of quality high street brands. The acquisition also includes an adjoining industrial investment with development potential.

Jim Yates, Head of Regional and Residential Portfolio at The Crown Estate said: “Despite current market conditions, The Crown Estate is very much in the market to purchase quality assets. We are delighted with this exciting purchase which further reinforces our current strategy to diversify our portfolio and purchase new retail and office properties outside central London.”

David Diemer, fund manager of Morley's Out of Town Retail & Leisure properties, said: “This transaction allows us to capitalise on three years of active asset management. It has been a very successful investment in which we will continue to hold a substantial stake. We look forward to working with The Crown Estate, a similar long term active investor, in identifying further opportunities for improvement of this prime asset.”

source : The Crown Estate