Grosvenor has exchanged contracts to sell its shopping centre fund to F&C REIT for around £250m.
The deal is the largest retail investment for the investor, led by Leo Noe, since the onset of the downturn.
Estates Gazette revealed in July that the Duke of Westminster’s property company was winding down the fund after its shareholders unanimously vetoed an extension.
It was due to come to the end of its life in 2014.
The fund includes the 410,000 sq ft Eastgate centre in Inverness, 400,000 sq ft Freshney Place in Grimsby, Lincolnshire, and the 385,000 sq ft Coopers Square in Burton-on-Trent, Staffordshire.
CBRE advised.
samantha.mcclary@estatesgazette.com
