Blackstone JV sells English mall for £105m
The Blackstone Group and Catalyst Capital have sold a 398,000-square-foot mall in Blackpool, England, for £105 million ($161.7 million) to Mauritius-based New Frontier Properties.
New Frontier Properties began a major drive into U.K. shopping center investments with two assets from F&C REIT earlier this year.
The firm bought the 430,000 square foot Cleveland Center in Middlesborough for £90.2 million ($136.7 million) and the 385,000-squre-foot Coopers Square in Burton-on-Trent, Staffordshire, for £85.32 million ($129.3 million).
The deal was the United Kingdom debut for a company listed in Johannesburg and Port Louis.
New Frontier is backed by South African REIT Rebosis Property Fund, which owns a controlling stake in the company.