Shopping mall owner Intu Properties will sell half of its Norwich centre for £148m as part of joint venture backed by two regional pension funds, three months after the company cut its forecasts amid weakness in the UK retail sector.
La Salle Investment Management will take a 50% stake in the Norwich Chapelfield property on behalf of Greater Manchester Pension Fund and West Yorkshire Pension Fund at a discount to its total valuation at the end of June of £305m, Intu said on Thursday alongside a trading update.
Like-for-like net rental income the key revenue measure for the full year is expected to be positive, but in line with previous guidance.
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