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LONDON-Haslemere has injected five major UK shopping malls into a new £230 million ($385 million) joint venture partnership with GE Real Estate. GE will own 80% of the equity and Haslemere 20%, but Haslemere will continue to manage the shopping centres for the partnership in return for a management fee.

The properties involved are the Mercat Centre, Kirkcaldy, Fife; Middleton Grange, Hartlepool, Tyne & Wear; Crossgates, Leeds, West Yorkshire; Four Seasons, Mansfield, Nottinghamshire and the St Nicholas centre, Sutton, South London. As part of the deal, £184 million ($310 million) of senior debt financing has been secured from the Royal Bank of Scotland.

Haslemere announced in February 2003 that it was looking to create joint venture investment partnerships under the title ‘Haslemere Partners’. The GE Real Estate deal is the first move in this strategy.

Alec Burger, Managing Director, GE Real Estate UK, said: ‘This innovative deal has enabled us to acquire a large stake in a strong portfolio of well managed assets and reflects both our ongoing commitment to the UK property market and our desire to work with strong joint venture partners.’

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