Peterborough's Queensgate centre sold for £202m

Queensgate Queensgate with 110 shops and restaurants has been sold for £202m

International investment group Invesco has bought a major shopping centre in Peterborough for £202m.

Joint owners Hammerson plc and Aviva Investors have agreed to sell the Queensgate Centre, built in 1982.

They said rent from 110 stores and restaurants at the centre was estimated to be more than £13m a year.

Invesco, established as a British firm in the 1930s, is now based in Atlanta in the US with a worldwide portfolio worth £385.4bn.

David Atkins, chief executive of Hammerson, said: "This disposal brings further liquidity into the business and follows our recent successful £271m private placement.

"These additional funds will help us grow the business through our substantial development and refurbishment programme and selected acquisitions."

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