London-listed Capital Shopping Centres (CSC) has conditionally agreed to acquire Westfield Group's 75% interest in the Broadmarsh Shopping Centre in Nottingham, UK.
London-listed Capital Shopping Centres (CSC) has conditionally agreed to acquire Westfield Group's 75% interest in the Broadmarsh Shopping Centre in Nottingham, UK.
The investment volume of £55 mln (EUR 65 mln) is to be paid in cash.
CSC and Westfield are in discussions with Possfund, Westfield's joint venture partner in Broadmarsh, about the sale as Possfund has a pre-emptive right to acquire Westfield's share. CSC said the talks also concern Possfund's intentions regarding its own 25% stake.
Westfield entered the UK with the acquisition of the Broadmarsh centre in 2000. Broadmarsh comprises 106 retailers over 45,250 m2. The Sydney-listed international mall developer and owner subsequently unveiled plans for a £700 mln redevelopment of the scheme.
In a statement on Thursday Westfield said the sale of the 75% stake reflected the company's increasingly emphasis on investment in larger centres such as Westfield London and Westfield Stratford City, next to the 2012 Olympic stadium. Westfield is also working on the development of a major retail-led scheme in Milan, its first project on Continental Europe.
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