Legal & General consider offers for Midsummer Place

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MIDSUMMER Place is up for sale.

Owners Legal & General today confirmed it has placed the Central Milton Keynes based shopping centre on the market.

The insurance giant told the Citizen that it is considering its options, with a full sale and the introduction of new parters on the table.

It is believed Midsummer Place would bring in around £230million if sold.

Legal & General originally planned to sell a 50 per cent stake in Midsummer Place, but such has been the reaction from potential buyers that it is now considering selling the whole business.

In November, L&G – which bought Midsummer Place in 2003 – appointed Cushman & Wakefield to sell 50 per cent of the shopping centre for around £110m.

A spokesman for L&G said: “Legal & General Property has owned Midsummer Place since 2003, during which time it has put in place a significant number of asset management initiatives in order to successfully improve the tenant mix and drive footfall.

“We believe in Milton Keynes as a major regional centre and the important role that enhancing and improving the retail space at Midsummer Place can play in supporting this position.

“We recently looked at options for allowing another investor to joint venture us on this successful scheme and as a result received a number of offers from parties looking to acquire the asset outright. These potential investors are of a similar size to us and share our vision for the shopping centre.

“We are currently carefully considering our options, but are a long way off from making any decisions. In the meantime, most importantly, we continue to focus our efforts on actively managing the asset and the extension proposals.”

Plans for a £15m expansion to Midsummer Place have already been submitted to Milton Keynes Council.

The proposals would see 57,000 sq ft of retail space and a restaurant area built on the outside space between Gap and Hollister.