Intu today announces that it has agreed terms with Legal & General Property to acquire Midsummer Place Shopping Center, Milton Keynes for a total cash consideration of £250.5 million (approx. 290.6 million) before expenses, representing a net initial yield of 5.1%, based on current net rents of £13.4 million (approx. 15,5 million) and a nominal equivalent yield of 5.5%.
Commenting on the Acquisition David Fischel, Intu's Chief Executive, said:
"We are delighted to have agreed terms to acquire this prime asset which addresses a gap in our UK regional coverage. As well as strong current operating metrics and good demographics, Midsummer Place offers considerable scope for rental growth. The acquisition fits well with our strategy of focusing on the best shopping center destinations across the country."
Completion of the Acquisition is expected to take place at the end of March 2013.