Capital & Regional has confirmed the completion of the sale of The Plaza Center in Lübeck, by its German joint venture to Invesco Real Estate.
The JV received €47.9m (£39m) from the sale of the 291,000 sq ft retail park. It is anchored by Co-op supermarket.
Part of the proceeds of the sale will be used to repay €35.1m of debt in the German joint venture. It is anticipated that approximately £4m will be remitted to Capital & Regional.
Earlier this month, Capital & Regional said the sale reflects its stated strategy to realise value from its German portfolio over time, in order to focus on its core business of owning and managing dominant, in-town UK community shopping centres.
Annabel.Dixon@estatesgazette.com
