Intu has sold a business park next to its Merry Hill centre for £15.5m, to private markets investor Bridges Fund Management.
The REIT said the fund manager acquired Waterfront Business Park at book value. It comprises nine buildings with a combined 228,000 sq ft of office and industrial space.
Its occupiers include the West Midlands Ambulance Service, HMRC, and Dudley College of Technology.
The sale forms part of intu’s ongoing disposal and capital recycling programme, as it continues its drive to substantially reduce its debt.
Matthew Roberts, intu chief executive, said: “We said at our interim results in July that part of our strategy is to fix the balance sheet. One way that we are doing this is through disposal and part disposal of assets in the UK and Spain.”
Franck-Steier Price represented intu.
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