Shopping centre owner intu has confirmed that it is in advanced discussions with QIC to buy its 50% stake in intu Merry Hill shopping centre in Dudley, West Midlands, for £410m.
The purchase would give intu full ownership of the mall, having bought a half stake in the centre from Westfield in 2014.
QIC’s stake in the 1.4m sq ft shopping centre was first offered in June 2015 with a price tag of around £500m, but no deal was agreed.
QIC instructed CBRE to market the half stake, which it originally bought from Westfield in 2006 for £500m.
The scheme is anchored by Marks & Spencer and has an additional 264 shops, as well as office space and 47 acres of land with development opportunities, subject to planning.
Intu said that if the deal goes ahead it would be funded through a combination of new debt and existing revenue.
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