LaSalle Investment Management has been picked as the preferred buyer for intu Bromley.
It will pay just under £240m – a circa 6% yield – for the 464,000 sq ft south London shopping centre on behalf of a long-term North American client.
LaSalle is expanding its presence in the shopping centre market and has several mandates, including one for the Alaska Permanent Fund Corporation, for which it bought the Golden Square shopping centre in Warrington, North West England, for £141m in 2014.
Cushman & Wakefield was appointed in March by intu and Aviva to sell the mall, formerly known as The Glades, which is also jointly owned by the London Borough of Bromley.
Under intu and Aviva’s ownership the shopping centre has been revamped and it is close to completing a 20,000 sq ft leisure extension.
Intu Bromley is one of the largest shopping centre investment opportunities of the year. Other prospective deals on the horizon include Queensberry Real Estate’s Friars Walk in Newport, South Wales, which BNP Paribas Real Estate is selling for around £110m; Southside in Wandsworth, SW18, which is being sold by Lunson Mitchenall on behalf of Delancey and Land Securities’ Metro shopping fund for £310m; and Edinburgh’s Gyle shopping centre, which is being sold by BNP Paribas Real Estate on behalf of William Ewart properties for around £200m.
Lunson Mitchenall acted for LaSalle Investment Management.
LaSalle Investment Management declined to comment.
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