Australian giant Multiplex is trimming its UK holdings, fearing it has overexpanded in the UK.
Six months after paying £585m for private property group Chelsfield, in a jv with fellow Australian developer Westfield and the Reuben brothers, Multiplex is expected to sell out of all its Chelsfield holdings.
This week, it sold its 12.5% stake in the 1.6m sq ft White City project to Westfield. Simon and David Reuben also sold their 12.5% stake in the shopping mall development to Westfield as part of the £65m deal.
Westfield and the Reubens are now eyeing the rest of Multiplex’s Chelsfield shareholdings.
A spokesman said: “We decided to sell because we had limited control and thought the funds from a sale would be better deployed elsewhere. This is a consolidation period for Multiplex and we are starting to sort through the portfolio. It’s about getting the right balance.”
Westfield is now joint owner of White City with German open-ended fund CGI.
References: EGi News 23/05/05
