HBG Properties Ltd, the property development unit of Royal BAM Group's operating company HBG UK, has sold Wellgate Shopping Centre in Dundee, Scotland, to PRUPIM, who have purchased the center on behalf of M&G Property Portfolio, for approximately €123 million.
HBG Properties acquired the shopping center in June 2003 to redevelop it. Since then the company has invested considerably in refurbishment of the shops and the integrated 600 space multi-story car park.
When Royal BAM Group published its results for the first nine months on 30 November 2006, it was already announced that, in the fourth quarter, sales from commercial property would add to the profits.
Source: BAM
