Westfield to sell largest regional mall for more than £400m
Westfield is preparing to sell its largest regional shopping centre for a price understood to be in excess of £400m.
Property Week can reveal that the Australian shopping centre developer has appointed Savills to sell its 1.14m sq ft Westfield Derby mall.
The shopping centre is anchored by retailers including Debenhams, Marks & Spencer, Next, Sainsubry’s and BHS.
In November 2010 Westfield bought out its 50:50 joint venture partner Hermes for around £190m.
The sale comes after Westfield publicly stated that it intends to focus its UK business on London and the south east.
In October 2012 Westfield agreed a forward sale of its Bradford development to Meyer Bergman for around £200m.
A Westfield spokewoman told Property Week: “Westfield continually reviews its global portfolio and has taken the decision along with joint owner Westfield UK Shopping Centre Fund to appoint Savills to market its Derby centre for a potential sale.
“Derby is Westfield’s first development in the UK and is a solid performing asset with strong sales and footfall.
“Westfield will continue to review relevant opportunities to determine if it wishes to proceed with a sale. Capital from any sale will be reinvested into Westfield’s extensive UK and Europe development pipeline.
“Westfield UK/Europe’s current £3.5bn+ development pipeline includes the Westfield London expansion and new developments in Croydon, Bradford and Milan.”