The Royal Victoria Place shopping centre in Tunbridge Wells has a new owner.

The transfer from the previous owners Hermes to the new buyer British Land was agreed in March but only finalised this week.

It is said British Land paid £96m for the complex which has 280,000 sq ft of retail space, anchored by the Fenwick store and with retailers including Hobbs, Hotel Chocolat, L’Occitane, M&S and Oliver Bonas.

Tunbridge Wells council remains the owner of the freehold.

Cllr David Jukes, the leader of Tunbridge Wells Borough Council, said: ‘I was pleased to hear that British Land has completed the purchase of Royal Victoria Place.

"The company is one of the UK’s largest retail landlords. We have been in dialogue with them for some months and it is clear that they are extremely well qualified to manage the shopping centre and take the centre forward.

"It is clear from our discussions with them that as well as being attracted by our catchment area and position in the retail hierarchy, they were particularly interested by the range of exciting developments planned for Royal Tunbridge Wells."

Matthew Reed, head of retail asset management at British Land said: "Royal Victoria Place is a fantastic retail destination, with a great mix of retailers. We’re delighted to be investing in Tunbridge Wells and look forward to working closely with the council."

There is still no word about whether the new owners intend to progress with a £70m upgrade of the shopping centre which was granted planning permission two years go but never implemented.