LONDON Nov 9 A stake in one of Britain's
best-known shopping centres may be sold for about 430 million
pounds ($687 million), as the owner taps demand from overseas
buyers for the country's best real estate, sources said.
Capital Shopping Centres is exploring the sale of a
quarter stake in the Trafford Shopping Centre in Manchester
worth about 430 million pounds based on the mall's 1.73
billion-pound valuation in June, three property sources told
"They will be talking to the usual suspects of far eastern
and Canadian pension funds as well as sovereign wealth funds,"
one of the sources told Reuters.
A CSC spokeswoman declined to comment.
The sale would fit with a strategy outlined by the company,
which last month said it was considering the "introduction of
equity partners into major assets" to release cash to revamp its
shopping centres and buy other malls.
Despite a deteriorating retail climate, large shopping
centres such as the Trafford Centre which dominate their
catchment area are sought after by investors as they have
weathered the tough retailing climate relatively well.
Last month, Norway's sovereign wealth fund bought a 50
percent stake in the Meadowhall shopping centre in Sheffield for
348 million pounds, a mall co-owned by developer British Land.
The two million square foot Trafford Centre has 30 million
visitors per year and was Britain's largest shopping centre when
opened in 1998. It contains 242 shops and has retailers such as
Apple, John Lewis and Selfridges.