Thu, 27 Jan 2011 | BUSINESS SALE
Manchester's famous Trafford Centre is to be sold to London-based Capital Shopping Centres (CSC) in a deal worth £748 million.
Peel Holdings, owned by property billionaire John Whittaker, will retain a quarter-share stake in the shopping centre following the sale, which represents the highest price ever paid for a property in Britain.
The sale has taken longer than expected due to objections raised by US-shopping mall owner Simon Property, who own a five per cent stake of CSC and were keen to purchase CSC in its entirety.
However, following a vote on the sale by shareholders, those owning 80 per cent of the 496 million shares voted in favour of the sale.
CSC, which is the largest shopping centre owner in the country, will take on Peel Holdings' Whittaker as deputy chairman. Peel Holdings will also receive a maximum stake of 23.2 per cent of CSC as part of the deal.
CSC chairman, Patrick Burgess, said, "I am delighted by the overwhelming support from our shareholders for the acquisition".
“The purchase will strengthen Capital Shopping’s position as the leading operator of pre-eminent U.K. regional shopping centres,” he added.
The Trafford Centre sale is the first time since 1999 that one of the UK's largest malls has changed hands in its entirety.
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