Key Property Investments (KPI), a joint venture between St. Modwen Properties plc and Salhia Real Estate Company, has today exchanged contracts to sell its 65% share in Basingstoke’s The Malls shopping centre to Basingstoke and Deane Borough Council for a confidential sum. KPI first acquired its share in 2004; the council already held a 35% stake.

Tim Seddon, St. Modwen’s Regional Director for London and the South East, said: “Like many property companies responding to the current economic climate, we are taking a prudent approach to where we invest our capital and are looking to focus activity on those opportunities which are best suited to our business model. This deal will allow us to focus our investment in schemes core to our portfolio, including our successful town-centre regeneration projects in Wembley and Farnborough.”

Basingstoke and Deane Borough Council Corporate Director, Dorcas Bunton, said: “This buy-out is an opportunity for the council to take full control of the centre, which will allow us to work towards improving the overall image of the area and our long-term vision for the borough whilst progressing our improvement plans for The Malls. It is a strategic investment for the council and the right one for the town and borough.”