Whiteleys Shopping Centre sold to Brunei family

Standard Life Investments UK has sold Whiteleys Shopping

Centre to a private family office from Brunei in an off market deal worth more than 100 million pounds.

One of London’s iconic buildings, the Grade II listed Whiteleys was originally a department store until 1981, before it was redeveloped in 1989 as a multi-level shopping centre.

The sale was part of Standard Life’s Shopping Centre Trust’s objective to capitalise on ‘strategic opportunities’ and release capital for re-investment in the remaining portfolio and target assets with the potential to deliver strong returns over the long term.

Commenting on the sale, Ed Jenkins, head of UK retail, Standard Life Investments, said: “We’re very pleased to have completed the sale. We will use the proceeds to invest in the remainder of the existing portfolio and in assets of equivalent or better quality that will be accretive to the performance of the Trust.”

The private family office from Brunei, who were not named, say the Whiteleys deal is an important transaction as part of a wider investment strategy into Queensway.