Property group Liberty International has announced that the MetroCentre partnership between Capital Shopping Centres plc (CSC), a wholly owned subsidiary of Liberty nternational, and an affiliate of GIC Real Estate, the property investment arm of the Government of Singapore Investment Corporation, has purchased the Metro Retail Park in Gateshead for 82.5 million pounds.

The Metro Retail Park is situated immediately to the west of MetroCentre, Europe's largest shopping and leisure centre with excellent access to the local road and public transport systems.

The acquisition of the retail park will reportedly extend the partnership's ownership over a further 220,000sq ft of retail and leisure accommodation to 2 million sq ft.

Commenting on the transaction, Caroline Kirby, Asset Management Director of CSC, said: "I am delighted that MetroCentre Partnership has increased its interest in this area of Gateshead. In such a dynamic part of the north it is important that we offer the best opportunities to both our retailers and our shoppers and we believe that this acquisition will enable us to do that."