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LONDON-Peter Everest’s company WD Galleria is are believed to have multiplied his investment by a factor of 10 in the 10 years since he bought the Galleria Outlet centre in Hatfield, Hertfordshire. WD Galleria owns it jointly with GE Real estate. The joint venture partnership has sold the scheme to Lehman Brothers Real Estate Partners for a rumoured £80 million ($132 million).

WD Galleria will continue to manage the 500,000 sf, 89-unit centre anchored by Marks & Spencer Outlet and TK Maxx. In addition, the centre comprises restaurants and a nine-screen UCI cinema.

GE Real Estate managing director Alec Burger commented: ‘The Galleria has performed very well for GE and represents the benefits of working with strong joint venture partners to achieve mutual goals.’

The Galleria originally opened as a standard format shopping centre in 1987 and was the first centre in Europe to straddle a motorway. Everest and his team adopted the outlet format and have subsequently attracted major brands such as Marks and Spencer Outlet, Donnay, Mexx, Reebok as well as seeing existing anchor stores such as TK Maxx significantly expand their presence.

Brian Oakwell of Brian Oakwell & Company stays as letting agent. King Sturge represented the vendor in the sale.

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