Intu sells its Bromley shopping centre
Shopping centre owner Intu has exchanged contracts to sell its 63.5% stake in its Intu Bromley centre for £177.9 million to Alaska Permanent Fund Corporation.
The deal represents a premium to the centre’s 30 June 2016 valuation of £175.9 million.
Intu Bromley has an annual footfall of 20 million and has recently been repositioned following a successful mall refurbishment programme which improved the tenant mix and added a new restaurant terrace.
As part of the transaction, APFC have also acquired Aviva’s 21.5% interest in the centre. London Borough of Bromley is retaining its 15% interest and freehold.
Following completion, which is expected before the end of the year, the centre will be managed by LaSalle Investment Management.
Intu said the transaction is in line with its strategy of recycling capital into its £600 million UK development pipeline.
David Fischel, Intu chief executive, said: “We are pleased to have successfully concluded this transaction which enables us to recycle capital into our UK development programme focused on our super-regional assets and, at a consideration above our June 2016 market value, demonstrates the continuing investment demand for prime UK shopping centres.”
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