Westfield sells Broadmarsh in £55m deal
Westfield is to turn its back on Nottingham after selling its 75 per cent share in the Broadmarsh shopping centre to rival Capital Shopping Centres (CSC).
The £55m deal means that CSC, owner of the city's Victoria Shopping Centre, will now be the dominant force in Nottingham's retail sector controlling nearly 1.5m sq ft of space.
Westfield, which had secured planning permission to extend the Broadmarsh to 1.1 million sq ft, has entered into exclusive arrangements with the Whitgift Foundation to redevelop the Whitgift Centre in Croydon.
The Australian-owned property company said the deal represented "an increased emphasis by the group towards investment in larger, iconic centres."
Steven Lowy, Westfield co-chief executive officer, said: "Today's announcement is a further step in that direction as we re-direct capital and our management capacity to larger scale development opportunities that we believe will generate better long-term returns for the group."
