CIT is close to buying the 550,000sq ft Brunel Centre in Swindon, Wiltshire, for about £130m.
The property investor has taken the lead in the battle to buy the shopping centre after Manchester-based Park Lane Estates stumbled at the last hurdle.
Westfield and Hermes put the centre up for sale in October last year for £125m, reflecting a 6% initial yield.
The pair decided to sell the scheme, which forms about half of Swindon’s town centre, following a strategic review of its Wilmslow Partnership portfolio.
Boultbee Land, Prime Commercial, Tops Estates and Grosvenor Estates also all bid for the site.
Grosvenor’s Prince Bishops shopping centre in Durham has also been sold this week.
Merrill Lynch Life Fund is buying the 155,000sq ft centre for around £69m. The scheme includes BHS, Boots and Next as tenants and has a rent roll in excess of £4m pa.
Morgan Stanley and ING also bid for the centre.
CBRE advised both vendors. DTZ is understood to be acting for CIT.
References: EGi News 04/02/05
