Pillar Property Developments is selling out of the 37,160m2 (400,000sq ft) Monks Cross shopping centre in York after agreeing a deal with Legal & General.
Sources close to Pillar said Legal & General has agreed a deal to buy the developer’s stake valued at £40m, reflecting an initial yield of 4%.
A source said L&G’s offer was close to the market price.
Pillar jointly purchased the 37,160 sq m (400,000 sq ft) scheme with British Airways Pension Fund and Schroder Exempt Property in 1998.
Elsewhere, Pillar yesterday secured planing consent to develop 9290m2 (100,000sq ft) of offices for chemicals giant AtraZenica at its scheme called Capability Green outside Luton.
EGi News 24/02/2000
