More change looks under way in major British retail holdings, as Australian companies Westfield Group & Multiplex Ltd prepare to carve up Chelsfield Ltd’s Â£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 Â£50 million, releasing about Â£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 Â£560 million.
The other 2 centres to go into a new investment vehicle are the 70,000mÂ² Mall at Cribbs Causeway, 10km from the centre of Bristol, and the 130,000mÂ² Manchester Arndale, which PruPIM bought in 1996. It’s started a Â£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 Â£12.5 billion of funds under management.