Fund manager Legal & General Property is marketing a 50% share in its Milton Keynes shopping centre Midsummer Place for £110m.
Legal & General Property is understood to be approaching a clutch of potential investors with the stake as it looks to focus on joint ventures.
Midsummer Place comprises 430,000 sq ft of retail and has an annual footfall of more than 17m. Existing tenants include Hollister, Superdry, Zara, Hugo Boss, Apple, GAP, H&M and Debenhams.
The potential sale comes a month after the fund manager applied for planning for a £15m, 57,000 sq ft extension to Midsummer Place for further shops and a restaurant quarter. It is due to start construction in mid-2012, subject to planning.
Legal & General Property bought the mall from University Superannuation Scheme for £216.3m in 2003.
Cushman & Wakefield is acting for Legal & General Property.
annabel.dixon@estatesgazette.com
