intu sale spells Glades return
by Marco Cillario Fri 16 December 2016, 3:27 pm
The former intu Bromley shopping centre has been sold to Alaska Permanent Fund Corporation (APFC) and rebranded with its original name The Glades.
intu Properties sold its 63.525% stake for £177.9 million. APFC also acquired co-owner Aviva’s 21.475% interest in the centre, while Bromley Council will keep its 15% interest and freehold.
The deal was completed yesterday (15 December), with the rebranding beginning immediately.
The 43,100sq m centre will be managed by LaSalle Investment Management on behalf of APFC.
intu chief executive David Fischel said that the transaction demonstrated “the continuing investment demand for prime UK shopping centres”.
The shopping centre general manager Kate Miller said that the scale of the investment underlined APFC’s confidence in and commitment to both the recently refurbished centre and Bromley as a whole.
Bromley residents chose The Glades as the name of the centre when it opened in 1991.
“The Glades was chosen because it reflected the history of Bromley as a wooded area, and also brought to mind attractive open spaces,” said Philip Wardle, head of In Town Retail with LaSalle Investment Management.
“When we were contracted to undertake the acquisition and management of the centre in its 25th anniversary year, there was only ever one ‘new’ name we were going to choose.”
The centre, which hosts 135 retailers and has an annual footfall of 20 million, has just undergone a £14 million redevelopment.
Refurbishment has been carried out and new stores have been brought to the centre.
A new restaurant terrace overlooking Queen’s Garden opened in the summer and a 1,860sq m boutique cinema will be installed on the roof of the centre in 2017.