Equitable Life has paid £90m – well above the asking price – for the long leasehold interest in the Grosvenor Precinct, Chester.
The fund has had a long-standing requirement for a high quality shopping centre and was prepared to pay considerably more than Grosvenor Estate Holdings’ quoting price of £81m for the Precinct.
Grosvenor, which has retained the freehold and a 10% interest in the long leasehold, will continue to manage the property.
Jones Lang Wootton acted for Grosvenor Estates and Healey & Baker represented Equitable Life.
EGi News 27/01/97
