GE Capital to break up

GE Capital is reportedly set to split its Haslemere portfolio of five shopping centres between four separate investors. The portfolio was bought by GE and Haslemere for £230m in June 2003. Haslemere then sold its interest to GE for £202m in April 2004.

Premier Property Group is understood to have submitted bids for two of the centres - the 557,002 sq ft Middleton Grange in Hartlepool and the 285,245 sq ft Four Seasons in Mansfield.

GE has been approached by two separate Irish investors over the 125,000 sq ft Crossgates Centre in Leeds and the 200,000 sq ft Mercat Centre in Kirkaldy. It is understood that the Crossgates offer is in the region of £45m.

Golfrate Properties is set to buy the 95,003 sq ft St Nicholas Centre in Sutton for just under £40m.

GE is selling the centres separately because they are more likely to achieve a higher price if sold individually rather than as a portfolio. The company is set to make around £250m from the sales.

Jones Lang LaSalle is advising GE.
Source: Freeman News/ Estates Gazette

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