Key Property Investments Ltd, a joint venture company between St Modwen Properties PLC and Salhia Real Estate Company, has sold The Mead, its successful 2,230 sq m (24,000 sq ft) retail development in Farnborough Town Centre to Standard Life Investment Funds Ltd and in exchange has acquired from the Fund properties with development potential on the other side of the street.
Standard Life Investments, which owns the adjoining Princes Mead centre, paid in excess of £7 million for seven ground floor shops and JJB Sports, located on the first floor. KPI paid £1.4 million for Nos 5-8 The Mead, totalling 557 sq m ( 6,000 sq ft), to enable it to complete this section of the town centre retail re-development, for which it already has planning consent.
Simon Rutter of St Modwen, said: “Subject to agreement with the existing tenants, we would hope the redevelopment of these units will move forward as an integral part of the overall redevelopment .
“These transactions show continued commitment of both owners to Farnborough and their investment in the town centre which has a very positive outlook once redevelopment is underway.”
Martin McGuire, investment director at Standard Life Investments, added: “This is a strategic purchase for us as The Mead is located at the entrance to Princes Mead shopping centre, which is owned by Standard Life Investment Funds. The transaction will complete the land assembly and allow St Modwen Properties’ regeneration plans for Farnborough town centre to commence.”
Green and Partners acted for KPI and Standard Life Investments was represented by Douglas Stevens & Co and Lunson Mitchenall.
For further information contact Simon Rutter of St Modwen (020 7499 5666). Issued by Paul Raymer of Howle Chapman Raymer (0121 236 7771).