Mon, 25 Oct 2010 | COMMERCIAL PROPERTY
The planned Westfield shopping centre in Stratford, east London, is to be part sold to a new fund backed by some of the world’s largest property investors.
The £1.5 billion mall, which forms the gateway to the 2012 London Olympics, is owned by Australian retail developer Westfield. Upon completion towards the end of next year, it will be the second largest shopping centre in the UK – at 1.9 million square metres - after Westfield at White City.
Westfield is currently in 'advanced talks' to sell a stake of as much as £750 million to the fund, which is being set up by Henderson Global Investors and will create a structure open to a group of major clients.
If the deal goes ahead, it will reduce the risk of development for Westfield, which is out on a limb in a tough financial climate – something which has stopped rival's projects.
Westfield Stratford will comprise 300 retail shops, including John Lewis and Waitrose, alongside a Vue cinema, 1.1 million square foot of office space and two hotels. The shopping centre is tipped to open in September next year.
Westfield is also reportedly considering restarting work on certain other UK schemes, potentially with investment partners to share the risk.
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