South African investor Redefine International has acquired St George’s shopping centre in Harrow from Propinvest for £68m.
Redefine International, formerly known as Ciref, paid £25m for the shares and loan in the centre’s special purpose vehicle, St Georges Harrow Limited.
The purchase price will be funded through Redefine’s internal resources and a capital raising, which is yet to be finalised.
It will also take on £43m of debt secured by Propinvest for the purchase from a German banking group.
The acquisition of the centre is expected to be completed on or around 27 April.
St George’s, which is 215,300 sq ft, is anchored by Boots, TK Maxx, Wilkinsons and Vue and comprises 23 shops, three restaurants, an eight-screen cinema, a health club, and a 650-space multi storey car park.
Redefine’s existing retail portfolio comprises five shopping centres.
Propinvest brought St George’s shopping centre to the market in January 2010 for £70m – a 6.25% yield.
annabel.dixon@estatesgazette.com
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