Scottish Widows to buy

Thornfield Properties and Lehman Brothers are reportedly poised to sell the Kingfisher shopping centre in Redditch to Scottish Widows Investment Partnership for over £212m.

Scottish Widows is understood to have been selected as preferred bidder from a shortlist also containing CIT, Resolution Property and a number of Irish private investors.

Thornfield bought the Kingfisher for £95m in 1999, and has since spent around £70m refurbishing and extending the centre. It now comprises 1.1m sq ft of retail space over 200 units, including 10 anchor stores, the largest of which is an 80,000 sq ft Debenhams.

Other key tenants include Allders, Wilkinsons, Boots and TK Maxx, while Next is set to open a 17,000 sq ft store there later this year.

The centre was put on the market in March after Thornfield received a number of approaches from a number of interested parties.

Franc Warwick acted for Thornfield. None of the parties involved were prepared to comment.
Source: Freeman / Property Week

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