Scottish Widows Investment Partnership’s discussions to sell Kingfisher shopping centre in Redditch, Worcestershire to London & Stamford have broken down.
Raymond Mould and Patrick Vaughan’s property company London & Stamford was the preferred bidder to buy the 1.1m sq ft shopping centre for more than £140m – a 7% yield.
SWIP is now in talks to sell Kingfisher to the underbidder.
A spokeswoman for SWIP said: “The original purchaser failed to meet the timescale for exchange of contracts and consequently we have withdrawn papers and are now proceeding with another party.”
Other bidders for the mall included Sovereign Land, Catalyst Capital and Blackstone, and InfraRed Capital Partners.
SWIP acquired Kingfisher mall from Thornfield Properties in 2004 for £211m, reflecting a yield of 6%. It brought it to the market in June for around £150m – a circa 6.9% yield.
Last week, Addington Capital, backed by AEW Europe and Tristan Capital Partners, walked away from talks to buy the Grange and Pyramids shopping centre in Birkenhead, Merseyside, for close to £80m – a circa 9% yield.
Jackson Criss and Cushman & Wakefield are advising SWIP; Jones Lang LaSalle acted for London & Stamford.
annabel.dixon@estatesgazette.com
