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12. September 2013     Print Print 

Whiteleys Shopping Centre sold for £100 million

Whiteleys Shopping Centre
Standard Life Investments UK Shopping Centre Trust has completed the sale of Whiteleys Shopping Centre to a private family office from Brunei, who were advised by Johnny Sandelson, in an off market deal valuing the centre at in excess of £100 million.

The move reflects the Trust’s objective to capitalise on strategic opportunities and release capital for re-investment in the remaining portfolio and in high quality targeted assets with the potential to deliver strong returns over the long term. For the buyer it is an important transaction as part of a wider investment strategy into Queensway.

Commenting on the deal, Ed Jenkins, Head of UK Retail, Standard Life Investments, said: “We’re very pleased to have completed the sale. We will use the proceeds to invest in the remainder of the existing portfolio and in assets of equivalent or better quality that will be accretive to the performance of the Trust.”