Intu Properties today confirmed it was in advanced talks to buy Midsummer Place Shopping Centre in Milton Keynes from Legal & General Property.
The company, recently rebranded from Capital Shopping Centres, said it had adequate cash and undrawn facilities to fund the acquisition, but was also considering additional funding options, including an equity placing.
The group is understood to be in talks to buy Midsummer Place for £250m, with the placing used to raise up to £300m which could then fund an expansion of the 430,000 sq ft mall.
The 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.
nick.whitten@estatesgazette.com
