Legal & General is close to selling its Midsummer Place shopping centre in Milton Keynes to Capital Shopping Centres.
The 430,000 sq ft mall was put up for sale through Cushman & Wakefield in December last year. It was seeking around £230m -a 5.5% yield – for the shopping centre. CSC is understood to have bid close to £250m.
It has beaten competition from Land Securities, Hammerson, Hermes and German fund Deka.
L&G initially sought to sell a 50% stake in the mall but was overwhelmed with bids so put the entire asset up for sale.
samantha.mcclary@estatesgazette.com
