AEW Europe has emerged as front runner to buy TH Real Estate’s 1m sq ft Festival Place mall in Basingstoke, Hampshire.
The European investment manager has edged ahead of Savills Investment Management and Capital and Regional with a circa £290m bid – a 6% yield.
AEW is understood to be acting on behalf of a North American investor.
TH Real Estate bought the centre in 2011 from Grosvenor Festival Place Fund, Grosvenor having redeveloped the asset in 2002. It includes 175 shops and a 2,770-space car park.
CBRE was instructed to market the shopping centre in March. Lunson Mitchenall acted for AEW.
