Shopping centre owner Intu has agreed terms for the sale of three properties with a combined value of £25.2m.
Intu has agreed a deal to sell a 75,186 sq ft site in Brierley Hill in the West Midlands, near its Merry Hill shopping centre. It has also 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, and completed the sale of its long leasehold interest the former BHS store in Derby. The 53,000 sq ft site consists of four levels and is located on the periphery of Intu Derby.
The sales are part of Intu’s ongoing disposal and capital recycling programme and all three sales were for more than book value.
Some of the proceeds will be reinvested into further development opportunities across its UK shopping centre portfolio.
The news comes after an offer to buy Intu was withdrawn after months of negotiations. The consortium bidding for the company comprised of the shopping centre owner’s largest shareholder Peel Group, Saudi conglomerate Olayan Group and Brookfield, a Canadian private equity group.
After three extensions to the original offer deadline of 1 November the offer was withdrawn as a result of “uncertainty” in the market.