Pillar Property has completed the sale of two leisure and retail developments for a total of £171m.
Omni, a leisure centre in Edinburgh, has been sold for £74.3m and the Fulham Broadway shopping and leisure centre in west London for £96.7m.
Neither buyer was named today by Pillar, but in January it was reported that Pillar had exchanged contracts to sell Omni to Edward Wojakovski’s Tonstate and Fulham Broadway to Merchant Place Corporate Finance.
Omni is near Princes Street and includes 217, 448 sq ft (20,201.6 sq m) of leisure, anchored by a 120-screen multiplex cinema let to Warner Village, with bars, restaurants, a health & fitness club let to Holmes Place and a 66-room hotel.
The scheme also includes more than 1,000 car parking spaces, let to National Car Parks.
The Fulham Broadway scheme includes 196,499 sq ft (18,255 sq m) of retail, leisure and ancillary office space with 146 car parking spaces. It is located at the junction of Fulham Broadway and Fulham Road and is built around Fulham Broadway tube station.
Tenants include Sainsbury’s Central, Warner Village Cinemas, David Lloyd Leisure, Borders and Virgin Megastore.
Pillar chairman Raymond Mould said: “These sales are in line with Pillar’s stated objective of focusing on its core business of retail parks, both in the UK and Europe, and on our City of London Offices.”
FPD Savills and Montagu Evans represented Pillar on the sale of Omni, while FPDSavills and Jones Lang LaSalle acted for Pillar on the Fulham Broadway sale.
References: EGi News 15/03/04
