Scottish Widows Investment Partnership is lining up an off-market sale of the Millgate shopping centre in Bury.
The fund manager is in talks to sell the 270,000 sq ft mall to Infrared Capital Partners, with Hark Group, for circa £50m – more than a 7.5% yield.
Its tenants include Bhs, Boots, Mothercare and Waterstones.
SWIP acquired Millgate in 2005 for £143m – a 5.5% yield – after it was put on the market by Westfield and Hermes with a reported £128m price tag.
Cushman & Wakefield is acting for SWIP.
annabel.dixon@estatesgazette.com
