Alaska Permanent Fund is close to buying the Intu Bromley shopping centre in Greater London.
The North American investor confirmed to IPE Real Estate it is seeking to acquire the 501,784sqft retail asset through LaSalle Investment Management.
Listed property company Intu and fund manager Aviva Investors are selling the shopping centre from their existing joint venture.
The price being paid for Intu Bromley, which according to earlier media reports had attracted interest from a number of foreign investors, was not disclosed.
According to board meeting documents of Alaska Permanent Fund, LaSalle said the asset would benefit from strong levels of disposable income in London, forecast to grow by 24% over the next 10 years.
According to a source close to the matter, LaSalle is confident that Intu Bromley will perform well despite Westfield’s shopping development in nearby Croydon.
LaSalle has been advising Alaska Permanent Fund on looking for opportunities in the aftermath of June’s referendum in the UK.
Two years ago it was given a £250m (€286m) mandate to invest in UK real estate.
In the US, LaSalle manages $1.2bn (€1.08bn) of assets for the investor, representing 21% of its total real estate portfolio.
