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intu properties disposes of Bromley shopping centre for £177m

Real estate investment trust intu properties have announced the disposal of their majority stake in the intu Bromley shopping centre.

The firm has sold off its 63.5% stake to Alaska Permanent Fund Corporation (APFC) for £177.9m which intu claims represents a slight premium on its 30 June 2016 valuation of £175.9m.

It comes after intu embarked on extensive refurbishment at the south east London shopping centre which has an annual footfall of around 20m.

The deal sees APFC take a major controlling stake in the retail venue after also acquiring Aviva’s 21.4% stake while the London Borough of Bromley will retain its 15% interest and freehold.

According to intu, LaSalle Investment Management will now run the shopping centre on behalf of APFC.

David Fischel, Chief Executive, said that the disposal was part of the investment trust’s capital recycling programme which will be funnelled into its £600m development pipeline.

He commented: “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.”