Carlyle Group and developer Bride Hall are preparing to sell the final asset from a three-strong shopping centre portfolio they bought at the top of the market for £286m.
The US private equity firm has instructed Strutt & Parker and Cushman & Wakefield to sell the Grosvenor shopping centre in Chester, Cheshire, for £67m – a 6.5% yield.
The 232,000 sq ft mall has more than 80 tenants, including H&M, Monsoon, Topshop and Habitat.
Carlyle bought the Grosvenor centre with the Ashley centre in Epsom, Surrey, and the Broadwalk centre in Edgware, north west London, from Capital and Regional’s Mall Fund in 2008.
The firm sold the Broadwalk centre to Scottish Widows for £70m in 2012 and the Ashley centre to CBRE Global Investors for £78.5m in August last year.
A sale of the Grosvenor centre at the asking price would crystalise a significant loss on the boom-time investment for the private equity group.
