Intu agrees £25m disposals

Intu has agreed terms to sell three properties for a total of £25.3m. The shopping centre landlord said the sales were all achieved above book value. The REIT has exchanged contracts to sell a freehold interest in a property at Brierley Hill in the West Midlands, near its intu Merry Hill shopping centre. Its gross internal area is 75,186 sq ft, on a 5-acre site. It has also completed the sale of a long-leasehold investment in the former BHS site at 59-61 St Peter’s Street, close to intu Derby (pictured). The site has four levels comprising 53,000 sq ft. The company has also exchanged contracts to sell its freehold and leasehold investments in York House, a 24,000 sq ft site next to the Victoria Centre in Nottingham. Chief executive David Fischel said: “These three deals, all successfully sold at above book value, are further evidence of our commitment to dispose of non-core assets and recycle capital into our exciting development programme. “All three sites will continue to benefit from being in the vicinity of hugely popular intu shopping centres which welcome millions of shoppers every year.” To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette