Blackstone and Sovereign Land are in exclusive talks to buy St Enoch shopping centre in Glasgow.
The joint venture is understood to be paying Ivanhoe Cambridge more than £190m for the 850,000 sq ft mall.
The jv beat off competition from a host of other interested parties, including Oaktree Capital and Capital & Regional, Orion Capital Managers and Catalyst Capital, InfraRed and Hark, Starwood Capital and Trinity Investment Management, and KKR and Milligan.
Ivanhoe Cambridge brought St Enoch to market in the spring for £180m – a circa 8% yield.
The shopping centre is let to retailers including Debenhams, Bhs, H&M and Boots.
Cushman & Wakefield is acting for Ivanhoe Cambridge.
annabel.dixon@estatesgazette.com
