Lagmar Properties, based in Belfast, will take a 50% stake in Multi Development’s £265m Wolverhampton shopping centre.
Lagmar, a joint venture between Mar Properties and Lagan Developments, is set to enter into a 50:50 joint venture with Dutch-based Multi, backed by Morgan Stanley Real Estate Funds, to develop the 600,000 sq ft New Summer Row.
Multi has been looking for a funding and joint venture partner for more than six months.
Compulsory purchase of land around the site by the council is ongoing, though a development agreement was signed in the autumn.
The partnership is thought to be planning to use £100m for land acquisitions for the site. It plans to start on the scheme in 2008 for an opening date of 2010.
References: Property Week 08/12/06 page 11
