Intu Bromley has sold its stake in the Intu Bromley centre in south London.
The 63.5% stake was sold to Alaska Permanent Fund Corporation (APFC) for £177.9m. APFC have also bought Aviva’s 21.5% stake in the centre, with the remaining 15% retained by the London Borough of Bromley.
Intu Bromley receives 20m visitors per year and was refurbished by intu during their ownership. The sale is in line with intu’s strategy of recycling capital into its UK development pipeline.
The shopping centre owner warned BHS store closures, which made up 1% of its overall rent, could dent rental income next year as it looks for new retailers to take over empty stores. Next has already stepped into one of the biggest former BHS stores at Intu Metrocentre in Gateshead, which is due to open in 2018.
David Fischel, chief executive of intu, commented: “We are pleased to have successfully concluded this transaction which enables us to recycle capital into our UK development programme focused on our super-regional assets and, at a consideration above our June 2016 market value, demonstrates the continuing investment demand for prime UK shopping centres.”