Henderson Global Investors is poised to buy the majority of the Romford Brewery retail park.
It will pay Equitable Life more than £100m for 75% of the 510,000 sq ft (47,380 sq m) retail and leisure scheme in Essex.
The deal will see Henderson snap up its largest investment to date for its £600m retail warehouse fund, which went live last September.
The Brewery site has open A1 consent and houses tenants Sainsburys, Boots, Allders, Esporta and a 16-screen Ster Century cinema. It produces around £7m pa in rent.
A source close to the deal said: “Equitable decided to dilute its portfolio by selling a majority stake while retaining an interest in what is a well-performing scheme.”
The deal values the park at more than £133m. Equitable is thought to have paid developer Stannifer £115m for it in 1998.
Healey & Baker and Morgan Williams acted for Henderson and Insignia Richard Ellis represented Equitable Life.
For the full version of this story, see this Saturday’s Estates Gazette.
EGi News 08/02/02
