Westfield to Sell $419 Million U.K. Mall to Funds After Opening
Westfield Group (WDC), the world’s biggest mall operator, agreed to sell a 260 million-pound ($419 million) center it plans to build in the English city of Bradford to investors led by property fund manager Meyer Bergman Ltd.
Westfield plans to start building the 550,000 square-foot (51,000 square-meter) center in central Bradford in the second half of next year, according to an e-mailed statement today. On completion, it will manage the center for the future owners, a fund managed by Meyer Bergman, Healthcare of Ontario Pension Plan and a second unidentified Canadian pension fund.
Westfield has secured commitments from retailers including Marks & Spencer Plc, Debenhams Plc and Next Plc to lease a total of 36 percent of the space in the mall, Westfield said.
“Bradford city center has been without an adequate retail offer for over 20 years,” George Walsh-Waring, director of development at Meyer Bergman, said in the statement.