Intu Properties PLC - agrees trio of property disposals for £25m
The sales are part of intu's ongoing disposal and capital recycling programme, some of the proceeds of which will be reinvested into its ongoing pipeline of development opportunities across its UK shopping centre portfolio.
· Brierley Hill, West Midlands: intu has exchanged contracts to sell a substantial freehold investment located near its intu Merry Hill shopping centre. The site has a Gross Internal Area (GIA) of 75,186 sq ft on a total site area of 5.02 acres.
· York House, Nottingham: intu has exchanged contracts to sell its freehold and leasehold interests in York House, a 24,000 sq ft site adjacent to intu Victoria Centre in Nottingham.
· Former BHS store, Derby: intu has completed the sale of its long leasehold interest in 59-61 St Peter's Street which is located on the periphery of intu Derby. Formerly occupied by BHS, the site consists of four levels comprising 53,000 sq ft plus a small plant level.
David Fischel, intu chief executive, commented: "These three deals, all successfully sold at above book value, are further evidence of our commitment to dispose of non-core assets and recycle capital into our exciting development programme. All three sites will continue to benefit from being in the vicinity of hugely popular intu shopping centres which welcome millions of shoppers every year."