P&O has confirmed that it is selling the Arndale Centre in Manchester to Prudential for £325m.
The Pru will pay £315m in cash with the balance met by the transfer of 27,870 sq m (300,000 sq ft) of central London offices from P&O to Prudential. All of the space is currently let to the Pru.
Prudential will pay £265m on the completion of the deal, which is expected to be finalised early next year, and a further £50m in December 2000.
Commenting on the deal, P&O chairman Lord Sterling said; “We made clear in March 1996 that we would achieve net property sales of at least £500m by the end of 1998. With this sale we will have comfortably achieved our target, well ahead of time.”
EGi News 23/12/97
