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Malaysian Fund buys stake in London shopping mall

by Andrea Waitrovich

Malaysian pension fund Kumpulan Wang Persaraan (Diperbadankan) has acquired The Chimes Shopping Center, also known as Intu Uxbridge, in London. The seller was Intu Properties, and the transaction values the property at £218.8 million, or £497 per square foot ($366.6 million/$833 per square foot).

KWAP acquired an 80 percent partial interest, while the seller retained the remaining interest. The price, based on a 100 percent valuation, represents a 2 percent premium to the property’s Dec. 13, 2013, valuation of £213.9 million ($362.6 million)

Intu Properties will continue to manage the center on behalf of the joint venture.

The 440,029-square-foot mall with three floors was built in 2001. The center includes 71 stores and restaurants. Tenants include Boots, BHS, Debenhams, Gap, H&M and Next. There

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