Development Securities has completed the sale of the Oriental City retail scheme in London to a private property investor. The purchase price comes to £68 mln (EUR 95 mln) in cash and loan notes payable on or before 30 June 2008. Development Securities said earlier that it would realise a net gain of £16 mln (EUR 23 mln) from the sale.

Development Securities has completed the sale of the Oriental City retail scheme in London to a private property investor. The purchase price comes to £68 mln (EUR 95 mln) in cash and loan notes payable on or before 30 June 2008. Development Securities said earlier that it would realise a net gain of £16 mln (EUR 23 mln) from the sale.

Development Securities, a major listed real estate developer and investor in the UK, originally acquired the 9,300 m2 centre in June 2005. After a lengthy period of consultation with the local authority, planning consent was granted for a mixed-use scheme comprising 28,000 m2 of retail space, 31,500 m2 of housing and a new 7,400 m2 primary school. Development Securities said that it had originally planned to implement the new scheme itself, but has decided that the sale would be in the best interests of its shareholders.

The sale was first announced on 17 September.