THE Crown Estate has confirmed it has bought the majority stake in the Westgate Centre.

Last week the Oxford Mail revealed the UK's largest commercial landowner was in talks with Capital Shopping Centres (CSC) about CSCs 85 per cent stake in the retail destination.

A statement on The Crown Estate website reads: "The Crown Estate, the UK’s largest commercial landowner, has confirmed today that it has exchanged contracts for the purchase of the Westgate Shopping Centre in Oxford with current owner Capital Shopping Centres."

James Cooksey, head of Central London and diversification at The Crown Estate said: “Westgate has a central role to play in Oxford City Centre’s retail landscape and as a long-term investor we are excited about improving the shopping experience and the existing retail mix.

"Our commitment and approach to managing the Westgate Centre will reflect The Crown Estate’s strong sense of stewardship and to that end we are assessing all investment and development opportunities with due regard to the importance of commercial viability.

"Strong and productive relationships with Oxford City Council, other key stakeholders and retailers will be central to our long-term approach."

Traders have previously raised hopes a new owner might add impetus to a planned £330m regeneration of the centre.