Alaska buys intu Bromley stake

Intu has sold its 63.5% stake in Bromley shopping centre to Alaska Permanent Fund Corporation for £177.9m, which represents a 5.7% yield and is £2m over its 30 June book value. APFC has also exchanged contracts to buy Aviva’s 21.5% stake in the 464,000 sq ft mall for an undisclosed price. However, based on the price paid to intu, it is estimated APFC paid around £60.2m to Aviva. The London Borough of Bromley will retain its 15% interest and freehold. The shopping centre will be managed by LaSalle Investment Management on behalf of APFC. Completion of the deal is expected before the end of the year. The shopping centre has been extensively refurbished with a 20,000 sq ft leisure extension and boutique cinema added this year. David Fischel, intu chief executive, said: “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.” Cushman & Wakefield advised intu and Aviva. From August: LaSalle poised for £240m intu Bromley buy • To send feedback, e-mail louisa.clarence-smith@estatesgazette.com or tweet @LouisaClarence or @estatesgazette