The Deal Sheet is a weekly compilation of Greater London and beyond's biggest leases, sales, financing deals, construction updates and personnel moves. Have news you’d like to submit? Email mark.faithfull@bisnow.com.

Landsec has exchanged contracts to acquire the Metrocentre shopping centre in Gateshead for £516M from the shopping centre's lenders.

Based on annual net rental income of £41M, the acquisition reflects a 7.9% initial yield, and completion is expected by the end of October, subject to bondholder consent and other conditions.

Metrocentre, located about 2 miles from Newcastle city centre, comprises 1.9M SF of retail and leisure space across 282 stores, alongside an adjacent 200K SF retail park with 15 units. The destination attracts more than 16 million visitors annually and generates around £650M in retail sales, with occupancy standing at 95%.

The acquisition forms part of Landsec’s plan to invest a further £1B in major retail assets. Following completion, the company will own three of the UK’s top 10 shopping centres and eight of the top 30, including Bluewater in Kent and Liverpool ONE.

Landsec has raised approximately £500M through an equity issue to help fund the purchase, at a 3% discount to the price before the share placing was announced.

DEALS

BNF Capital and Morgan Real Estate have acquired 27 Savile Row in Mayfair from CPI Property Group for £105M.

The property was brought to market in June and has planning consent for a 47K SF office-led development, designed by PLP Architecture.

BNF and Morgan Real Estate intend to improve on the existing consent to deliver a new office building, the companies said, with the acquisition the 14th made by the partnership, which made its first investment in 2013.

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Unite Group has sold its King’s Place development site at 325 Borough High Street, Southwark to an affiliate of Singapore-based Far East Orchard for £60M.

The site has planning for a 444-bed purpose-built student accommodation scheme, comprising 308 studios and 136 en-suite rooms in cluster flats, alongside eight key worker apartments and 18K SF of workspace. Completion is targeted for 2029, ahead of the 2029/30 academic year.

The sale price represents a 3% discount to the site’s June 2026 book value, with completion expected in mid-October.

Unite acquired the site in 2024, and the disposal forms part of its strategy to sell development land and nonstudent assets, with the company agreeing or completing £200M of disposals so far in 2026 and on track to sell £300M to £400M of assets this year.

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The Greater Manchester Pension Fund has sold its 50% interest in build-to-rent development Circle Square, Manchester to joint venture partner Vita Group.

The transaction also includes repayment of the pension fund’s mezzanine loan and realises its investment through the Greater Manchester Property Venture Fund, which invests in developments across the north west.

Circle Square occupies a site adjacent to the University of Manchester and the Oxford Road Corridor, with more than 5 acres of public space. The former BBC Manchester headquarters has been transformed into a mixed-use neighbourhood.

PLANNING

Arada London has submitted plans for a mixed-use development at 101 Newington Causeway in Elephant & Castle, comprising 720 coliving homes, a 404-bed hotel and workspace.

The site was previously the headquarters of The Salvation Army UK & Ireland Territory, and Arada acquired it in December 2025. It will be Arada’s first coliving development globally, while the UAE-based master developer has a pipeline of 17,000 homes across London.

Designed by PLP Architecture, the scheme will comprise two buildings connected by gardens and public spaces, more than 9K SF of coworking, a cafe, dining facilities and shared social spaces.

DEBT

SHC Capital has arranged two loans from GB Bank to finance the acquisition and refinancing of a combined £62M portfolio of residential, retail and office properties across London.

The facilities combine investment and stretched senior funding against two portfolios of tenanted assets, with the financing intended to support improvements to the properties and future refurbishment programmes.

GB Bank Chief Lending Officer and Deputy CEO Pankaj Thukral said in a statement that the lender was working with SHC Capital on a £100M-plus pipeline, and the latest transactions bring GB Bank closer to £1B in lending.

FINANCE

Redevco has launched an open-ended European retail parks fund, securing commitments from global institutional investors managed by CBRE Investment Management Indirect.

The Redevco European Retail Parks Evergreen fund will target convenience-led retail parks and essential retail assets in the UK and Europe, with an emphasis on "income distribution and conservative leverage." Redevco is also committing capital to the vehicle.

The fund has secured three initial assets in the UK, Belgium and Spain, and the move follows its first European retail parks fund, which attracted more than €500M in commitments in 2025 and has deployed or committed 80% of its capital.

CORPORATE

Jorgen Verink, Sven Vollenbruch, Luca Krämling and Niklas Sahavi have launched Cerion Partners, a pan-European investment firm.

The firm will operate from offices in London and Frankfurt, targeting assets supporting essential supply chains and infrastructure.

The founding team brings more than 50 years of real estate experience and has been involved in transactions exceeding €20B, primarily across grocery-anchored retail, food logistics and other mission-critical asset classes.