La Salle Investment Management has exchanged contracts to buy Wilson Bowden Developments’ Eagles Meadow shopping centre in Wrexham.
The deal is the biggest shopping centre deal so far this quarter. As revealed by Property Week in October La Salle has paid £79m for the 400,000 sq ft retail and leisure scheme, which includes 48 residential units and a 1,000 space multi-storey car park.
Contracts were exchanged last month and on completion Barratt-owned Wilson Bowden is expected to receive £74m with the remainder due post completion. The disposal is due to complete prior to the end of the calendar year.
Wilson Bowden has also completed the disposal of 9.5 acres of commercial land for a supermarket development in Chesterfield, and the sale of Atlantic Quay 4, a completed office development in Glasgow, for a combined price of around £30m.
Net proceeds will be used to reduce group borrowings. Discussions on the sale of further assets from the Wilson Bowden portfolio are progressing.