Sale of Brunel Centre, Swindon, United Kingdom
17 March 2005
Countries: United Kingdom
Westfield Group (ASX:WDC) and Hermes today announced the sale of the Brunel Centre, Swindon in the UK, to The Capital and Income Trust Group of Companies (CIT) for 130 million.
The Brunel Centre is a two-level shopping centre comprising 550,000 square feet (51,000 square metres). Since acquisition the owners have carried out asset management works and have obtained outline planning consent for 355,000 square feet of retail.
The sale of the Brunel Centre follows Westfields acquisition of Duelguide plc and is consistent with the Groups long-term strategy for its UK portfolio.
CB Richard Ellis acted as agents for Westfield and Hermes.
Notes to Editors:
pThe Westfield Group, with a market capitalisation of approximately 12 billion, is the largest retail property group in the world by equity market capitalisation and the eighth-largest entity listed on the Australian Stock Exchange. Operating on a global platform, the Westfield Group is an internally managed, vertically integrated shopping centre group, undertaking ownership, development, design, construction, funds and asset management, property management, leasing and marketing employing in excess of 4,000 staff worldwide.
The Westfield Group has interests in an investment portfolio of 126 shopping centres valued in excess of 16 billion located in Australia, the United States, New Zealand and the United Kingdom. These shopping centre portfolios have strong positions in their local markets with geographic, retail and economic diversity providing a strong and consistent income stream. The centres are located in prime trade areas, anchored by long-term tenancies with major retailers and incorporate a wide cross section of high quality specialty retailers and national chain store operators.Westfields UK portfolio consists of (excluding Swindon):
Eight shopping centres and four urban regeneration projects in the UK
Over 900 retail outlets
Gross lettable area exceeding 350,000sqm
UK assets of 1.8 billion
pHermes Property Asset Management Limited holds approximately 4 billion assets in the retail sector, of which 1.972 billion (net) is invested directly and indirectly in 17 shopping centres throughout the UK and a further 580m under management through X-Leisure. The Hermes Retail portfolio also has substantial interests in retail parks, unit shops and indirect holdings.