Midsummer Place Shopping Centre has been sold in a deal worth a whopping £250.5 million – despite only being on the market for two months.
Yesterday, it was announced that owners Legal & General Property had exchanged contracts on a deal with Intu Properties PLC.
Initially the owners had planned to sell a 50 per cent stake in the centre. However after huge interest from potential buyers they decided to sell the whole business.
Michael Barrie, director of Fund Management at LGP, said: “Midsummer Place today represents one of the UK’s best performing regional malls and this has been further evidenced by the strong interest it received when we brought it to market at the end of last year.
“Our exit allows us to recycle capital into other market opportunities and to capitalise on LGP’s strong asset management and development capabilities.”
LGP initially bought the shopping centre in 2003 and has seen significant growth over the past decade.