Aviva Investors has cancelled the sale of a half-share in its Bentall shopping centre in Kingston-upon-Thames, Surrey, to pan-European investor and asset manager Meyer Bergman Retail Partners.
The £150m acquisition was to be Meyer Bergman’s first major purchase in the UK.
The sale price reflected a 7% yield and was agreed in June.
A spokeswoman for Aviva said: “Due to new cashflow coming into Aviva Linked Property Fund we are no longer proceeding with the sale of a 50% share of the Bentall Centre in Kingston.”
Aviva first put the prime shopping centre up for sale two years ago and was initially seeking £200m for the 50% share (News, 22 September 2007, p40).
It is the latest in a number of retail sales that have been cancelled by Aviva, including the €400m (£344m) sale of the 500,000 sq ft Liffey Valley shopping centre in Dublin, which it jointly owns with Grosvenor.
It pulled the sale in August despite shortlisting four potential buyers.
The mall had been on the market for a year.
Lunson Mitchenall was advising Meyer Bergman; Strutt & Parker was acting for Aviva.
annabel.dixon@estatesgazette.com
