THE RETAIL BULLETIN - The home of retail news
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
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.

GENERAL MERCHANDISE

Intu sells its Bromley shopping centre

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.”

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Retail Human Resources Summit
Retail Human Resources Summit
Wednesday 3 October 2018
The Cavendish Conference Centre, London W1
The 10th HR Summit 2018, The Cavendish Conference Centre, London W1, 3rd October 2018
The Retail Design Summit 2018
The Retail Design Summit 2018
14 November 2018
The Cavendish Conference Centre
The Retail Design Summit 2018
Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
National Minimum Wage Breakfast Briefing
National Minimum Wage Breakfast Briefing
20 September 2018
6th Floor 1, St. Martin's Le Grand London, EC1A 4AS
National Minimum Wage Breakfast Briefing