Wednesday, January 28, 2009

Meadowhall and Bullring up for sale as debt burden rises

For sale: £750m of retail assets

The UK's two biggest property companies will sell about £750 million worth of retail assets within weeks as they try to pay off debts. British Land is close to selling a 50 per cent stake in the Meadowhall shopping centre, Sheffield, for about £550 million to a joint venture between an Abu Dhabi fund and the AIM-listed London & Stamford [a property 'vulture' fund]. Land Securities is nearing completion of a deal to offload a one-third stake in the Bullring shopping centre in Birmingham, to an Australian fund for £200 million. British Land and Land Securities are both selling assets at substantially lower prices than they would have commanded 18 months ago, as their debt burden becomes larger. Hammerson, which owns another third of Bullring, is rumoured to have put its stake up for sale too

Posted by drewster @ 01:42 AM (812 views)
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One thought on “Meadowhall and Bullring up for sale as debt burden rises

  • I wonder by how much they will be gazundered?

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