Intu Properties buys partner’s stake in U.K. mall
Australia-based Queensland Investment Corp. has sold its 50 percent stake in Intu Merry Hill in Brierley Hill, England, to Intu Properties for £410 million ($601 million).
The site comprises the Intu Merry Hill shopping center, two retail parks, and office and leisure uses along with development land, spanning more than than 229 acres.
Intu acquired its initial stake in Merry Hill in May 2014 for £408 million ($598 million), partnering with QIC, which had acquired its half interest in 2007.
Anchor tenants include Marks & Spencer, Debenhams, Primark, Next, Sainsbury’s and Asda. The shopping center is 96 percent occupied.