Standard Life Investments has become the latest institution to start a sell-off of its best retail assets.
The fund manager has put its 455,000 sq ft County Mall shopping centre in Crawley up for sale for £235m – a 5.5% yield.
Standard Life bought the mall, which is anchored by a Bhs department store, from F&C for a £190m in December 2004.
The sale is understood to be part of a re-weighting of Standard Life’s portfolio, although sources said it was also part of a trend among the institutions to sell all or part of their prime retail properties in a bid to raise much needed cash.
Legal & General has already begun its sell-off. Last month, the insurance giant put 50% stakes in its 400,000 sq ft Midsummer Place shopping centre in Milton Keynes and 275,000 sq ft Ealing Broadway Centre in west London up for sale through CB Richard Ellis.
It hopes to raise £200m from the sales.
Morley Fund Management – on behalf of Norwich Union – is also offloading its best shopping centre. It is selling a £400m stake in the Bentall Centre in Kingston upon Thames. Five parties, including Land Securities, are understood to be lining up bids for the 580,000 sq ft mall.
Strutt & Parker is advising Morley.
