Redefine International is exploring options for a sale of the Grand Arcade shopping centre in Wigan.
The company has been in discussions with KLM regarding a sale of the property, which would be valued at around £115m – a circa 6% yield.
It is understood that the asset will be offered to a select number of parties rather than widely marketed.
Redefine rescued the 464,000 sq ft mall via -company voluntary arrangement in 2010.
Grand Arcade was developed by Manchester-based developer Modus but the special purpose vehicles which owned the mall fell into administration following the 2008 crash.
Redefine has since completed a range of asset management initiatives on the centre and is now looking to take advantage of the weight of capital targeting the sector.
Grand Arcade is anchored by Debenhams, has 45 shops and is 99% leased, generating a rent of around £6.8m pa.
