Airport operator BAA has sold its remaining interests in McArthurGlen’s factory outlets to a limited partnership comprising Morley, the Richardsons and Joey Kaempfer.
Morley Fund Management has a 90% stake in the Mayfair Limited Partnership, while Richardson Developments and Kaempfer’s McArthurGlen Europe own 5% each.
The sale encompasses:
- A 350,000 sq ft (32,516 sq m) outlet centre in York
- A 75% stake in the 160,000 sq ft (14,864 sq m) Mansfield centre
- A half-share of the 300,000 sq ft (27,871 sq m) Livingston centre
- A 25% stake in the 206,000 sq ft (19,138 sq m) centre in Ashford.
The sale is in line with BAA’s strategy of focusing on its core airport business, in accordance with advice from City investors.
BAA has retained an 11.2% minority stake in its Swindon centre and two adjacent development sites “for the time being”.
In September, McArthurGlen and BAA dissolved their outlet centre joint venture BAA McArthurGlen
Last May, the Richardsons and Kaempfer bought BAA out of BAA McArthurGlen’s Continental portfolio for £200m.
References: EGi News 01/04/03
