Intu sells stake in Intu Bromley

Shopping centre group Intu has confirmed that it has sold its majority stake in Intu Bromley to Alaska Permanent Fund Corporation for 177.9 million pounds.

Intu, owner of shopping centres including the Trafford Centre in Manchester, has exchanged contracts to sells its 63.525 percent stake in the Intu Bromley site to state-owned Alaska Permanent Fund Corporation.

As part of the transaction, Alaska Permanent Fund Corporation have also acquired Aviva’s 21.475 percent interest in the centre. London Borough of Bromley is retaining its 15 percent interest and freehold. The centre will be managed by LaSalle Investment Management on behalf of Alaska Permanent Fund Corporation.

The deal is expected to be completed before the end of the year.

Intu Group chief executive David Fischel, said: “We are pleased to have successfully concluded this transaction which enables us to recycle capital into our UK development programme focused on our super-regional assets and, at a consideration above our June 2016 market value, demonstrates the continuing investment demand for prime UK shopping centres.”