Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-MEPC–once one of the UK’s leading retail landlords–has completed its withdrawal from the sector with the £115 million ($180 million) sale of its 50% interest in six UK malls. The other half was sold three years ago to the Australian investor Westfield Shoppingtowns after MEPC was taken over by GE Capital and Hermes with a strategy of concentrating on business park development.

The portfolio comprises six shopping centres–The Eagle Centre, Derby; Brunel Centre, Swindon; Friary Shopping Centre, Guildford; CastleCourt, Belfast; Royal Victoria Place, Tunbridge Wells and Mill Gate, Bury. The properties are all managed by Westfield.

All of the shopping centres have development potential and outline planning consent has already been granted at Derby to expand the centre to 900,000 sf over two-levels, providing 150 shops and a 140,000-sf department store.

Hermes Chairman Richard Harrold said: “We’re very pleased to purchase this interest as we believe the portfolio has considerable potential. We look forward to working with Westfield with whom we already have a strong relationship through the Broadmarsh partnership in Nottingham.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.