LandSec linked to Houndshill deal

Land Securities is the frontrunner to buy the Houndshill shopping centre in Blackpool from administrator KPMG following the collapse of Modus Ventures.

LandSec has been building up firepower through a disposal of mature assets this year, raising £1.5bn to clear debt and begin a new phase of development and investment.

Modus and joint venture partner Ciref refurbished and extended Houndshill to 400,000 sq ft and opened the new-look centre in August 2008.

LandSec began talks six months ago with ING Real Estate over the stalled Northgate site in Chester and is expected to confirm a scaled down proposal for a joint venture in the coming months.

Modus Ventures went into administration in May. All parties declined to comment.

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