Multi Investments and Queensberry Real Estate’s deal to sell a 50% stake in Southgate shopping centre in Bath has collapsed.
Universities Superannuation Scheme is understood to have pulled out of a deal to buy the share for just less than £115m – a circa 5.2% yield.
Completion of the deal was thought to be on hold until construction of the final phase had been completed earlier this month.
Aviva Investors, which owns the remaining 50% stake, has now acquired the freehold from the council.
Jones Lang LaSalle advised Multi and Queensberry Real Estate; Morgan Williams advised USS.
All parties declined to comment.
annabel.dixon@estatesgazette.com
