UK institution Prudential is selling almost £500m of retail property including four regional shopping centres.
A spokesman denied it was trying to reduce its exposure to Britain’s struggling retail sector but said Prudential was “re-arranging its portfolio”.
It is selling Darlington’s largest mall, in the North East of the country, two schemes in Oldham – the Cornmill Centre and Spindles Centre – in the North West, and two other large regional centres, the Pavilions in Uxbridge, west London and Oak Mall in Greenock in Scotland.
The centres are expected to fetch up to £300m, with US investor GE Capital a frontrunner to buy the portfolio.
Prudential is also selling Avon House, a group of shops at the western end of London’s Oxford Street, where tenants include the Disney store and Hennes & Mauritz. It is thought that Scottish Widows has placed the block under offer for about £125m.
Prudential sold the Frenchgate shopping in Doncaster to UK developer Teesland for £60m.
