The listed UK real estate developer and investor Development Securities has agreed to sell the Oriental City retail scheme in Colindale, London to a private property investor. The purchase price has not been disclosed, but completion is set for November 29th, when Development Securities will realise a net gain of £16 mln (EUR 23 mln).
The listed UK real estate developer and investor Development Securities has agreed to sell the Oriental City retail scheme in Colindale, London to a private property investor. The purchase price has not been disclosed, but completion is set for November 29th, when Development Securities will realise a net gain of £16 mln (EUR 23 mln).
Development Securities originally acquired the 9,290 m2 centre in June 2005, and they say that after long 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. It had planned to implement the new scheme itself, but has decided that the sale would be in the best interests of its shareholders.