Asian investor completes £236m purchase of 50% stake in Leicester mall
In the biggest shopping centre deal of the year Hammerson has completed the sale of the 50% stake in Highcross shopping centre in Leicester to an Asian investor introduced by M&G Real Estate for £236m. The sale price represents a 5% discount to the December 2017 book value.
The newly formed joint venture has taken out a £165.2m loan with Helaba and NatWest secured on Highcross and repayable in February 2024 at a fixed interest rate of less than 3%.
Hammerson chief executive David Atkins said:: “We are pleased to have attracted a respected investor who shares our future vision for Highcross. The recent leasing momentum demonstrates that brands continue to open new stores, however the location has to be right, with only the best destinations making the cut.
We don’t see this changing anytime soon, and a vibrant brand line-up with the ability to ensure constant variety is fundamental to Highcross’ success as a flagship venue.”
