British Land Co announced that it would be acquiring a 50% stake in Southgate mall. The deal would be worth GBP 101 million or USD 157 million. The shopping center is located in Bath. The purchase would enable British Land to increase its tenant base. Some of Southgate's tenants include Apple Inc and Hennes & Mauritz. Based on market value, British Land is the second largest real estate investment trust (REIT) in the UK.

In a statement, British Land revealed that it would buy the stake from Multi Southgate Ltd. The other owner of Southgate is Aviva Investors. The deal is set to close by the end of September this year.

Southgate has 430,000 square feet of space. It holds 55 retail units and has 25,000 square feet of office buildings. Ninety-three percent of the mall has been rented out. The first phase of the shopping center finished construction in 2009. The final phase of construction for the mall was set for completion by the end of 2013.