Sibec America, through their associate company Sibec/London & Princeton Holdings, are to purchase a 1m-sq ft regional shopping centre in New Jersey, USA, for $60m.
The centre, built in 1968 and situated on the intersection of US Route 1 and Pennsylvania Turnpike in Bucks County, produces $4.5m pa and is anchored by Sears and Strawbridge & Clothier. Sibec are to spend $20m on refurbishing the scheme, which has a catchment of 1.2m people within a 10-mile radius, and may extend it to include leisure uses.
Completion of the purchase will take place early next year, while the refurbishment could be finished by mid-1991, whereupon the income is expected to rise to $7.5m pa.
