Legal & General Property is selling its entire ownership in Midsummer Place shopping centre in Milton Keynes following strong investor appetite in an initial 50% stake.
The fund manager is marketing a 100% share in the 430,000 sq ft mall for £230m – a 5.5% yield.
It comes just weeks after L&G instructed Cushman & Wakefield to offer a 50% stake in Midsummer Place for around £110m – a 5.75% yield – to a handful of potential investors.
The 100% stake is expected to appeal to REITs, sovereign wealth funds and global pension schemes.
Midsummer Place is let to tenants including Hollister, Superdry, Zara, Hugo Boss, Apple, Gap, H&M and Debenhams.
In October, 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.
annabel.dixon@estatesgazette.com
