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Land Securities in talks to develop O2 retail scheme

Land Securities is in talks to develop a designer outlet shopping centre at the O2 in Greenwich, London.

It has signed a six-month agreement with O2 owner AEG Europe to exclusively discuss the commercial viability of developing the retail scheme in partnership.

Land Securities and AEG will review all aspects of building a retail scheme to complement the existing O2 music venue, including assessing the functionality of the space and the appetite among luxury retailers for an outlet centre in the capital.

In October 2013, Quintain Estates & Development completed London’s first designer outlet shopping centre at Wembley Park.

Land Securities executive director Richard Akers said: “The O2 is already a major destination for both Londoners and tourists, so the prospect of creating a designer outlet village there is hugely appealing.

“Our job over the next six months is to undertake a rigorous evaluation of the commercial prospects and we will only press ahead if we are confident that we can make it pay.”

AEG senior vice president of real estate and development Alistair Wood added: “We welcome Land Securities on board as our potential partner, who we believe to be an ideal match in terms of their track records and skill sets.”

AEG has been granted planning permission by Greenwich council for 230,000 sq ft of retail space at the O2, including around 110 shops and bars and restaurants.

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