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Prudential UK looks at selling stakes in 3 major centres

More change looks under way in major British retail holdings, as Australian companies Westfield Group & Multiplex Ltd prepare to carve up Chelsfield Ltd’s £2.1 billion portfolio.


PruPIM (Prudential Property Investment Managers Ltd) managing director Martin Moore was quoted by Freeman News overnight saying the property investment arm of Prudential plc in the UK & Europe intended to place half its stakes in 3 major shopping centres in a Guernsey-based fund.


They would be owned by an entity with a 10-year lifespan. Investors would inject a minimum £50 million, releasing about £800 million for PruPIM to reinvest.


PruPIM was Australian developer Lend Lease Corp’s original partner in the Bluewater project in Kent and still owns 35% of it. That stake is worth about £560 million.


The other 2 centres to go into a new investment vehicle are the 70,000m² Mall at Cribbs Causeway, 10km from the centre of Bristol, and the 130,000m² Manchester Arndale, which PruPIM bought in 1996. It’s started a £150 million redevelopment there.


PruPIM is one of the largest property investment managers in the UK. It has more than 1000 properties in its portfolio & more than £12.5 billion of funds under management.


Website: Prudential UK


Prudential Property Investment Managers (PruPIM)


Bluewater


Manchester Arndale


The Mall at Cribbs Causeway

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