LaSalle Investment Management has completed the purchase of two shopping centres in Birkenhead, Merseyside for £70m.
LaSalle has bought the 464,000 sq ft Grange and 160,000 sq ft Pyramids shopping centres in cash from Warner Estate’s Agora Max fund, which owned the site in a 50/50 joint venture with Uberior Ventures, part of the Lloyds Banking Group.
The proceeds of the sale will be used to reduce the debt within Agora Max.
A Warner Estate statement said: “The carrying value of the investment in Agora Max on the company’s balance sheet was written down to nil some time ago.”
A proposed £80m sale – a circa 9% yield – to Addington Capital collapsed in September.
After the collapse the two shopping centres were offered out to underbidders.
Savills advised on the sale.
Nick.whitten@estatesgazette.com
