CGI, the German open-ended fund, is to forward purchase AM ´s (formerly Multi Development Corporation) Victoria Square shopping centre in Belfast for ÃÂ£270m.
The 807,300 sq ft scheme, which is central to plans for the regeneration of Belfast, received planning consent in January this year. It will comprise 600,000 sq ft of retail and leisure space, including a 161,460 sq ft House of Fraser department store, plus a hotel, flats and underground car parking. The distinctive building will be centred around a 35m-diameter clear glass dome.
The deal is expected to be put before the boards of the two companies next week, and should be completed in September.
CGI Managing Director, Arnold de Haan, confirmed: 'It is a city centre scheme which we like a lot. It´s a part of Belfast where there are a huge amount of shoppers, it´s a city centre regeneration scheme and it has the support of the local government office.'
Donaldsons has been advising AM on the development and forward selling of the scheme.