Royal London and Irish Bank Resolution Corporation, formerly Anglo Irish Bank, have put a 25% stake in Whitgift in Croydon up for sale.
The two stakeholders, which together own 75% of the long leasehold of the 633,400 sq ft shopping centre, have been looking for a partner for much of this year. The sale of the 25% joint stake would also hand the purchaser responsibility for management of the scheme.
The stake is expected to be priced at £80m-£90m.
Land Securities, Hammerson, Lend Lease and Westfield, which last month entered into an exclusive arrangement with the freeholder of the mall, the Whifgift Foundation, are likely to be among those interested.
Westfield’s deal with the Whitgift Foundation, which also holds 25% of the long leasehold on the centre, saw it become the charity’s development partner but led an angry response from the mall’s other owners.
Royal London said the deal had taken place without prior consultation with it or IBRC (12 November, p37).
A spokesman for Royal London said: “The Whitgift Centre is a key Croydon landmark, and its successful transformation is central to the long-term regeneration of Croydon itself.
“To achieve this, we will pursue a robust and transparent process to identify the partner best suited to maximising the potential of this exciting, prime asset.”
Jones Lang LaSalle is advising on the sale.
