Two European malls sell for $1.3b
In two separate deals, two shopping malls in Europe have been sold for $1.37 billion.
In the United Kingdom, Orion Capital Managers has acquired a 50 percent interest the £500 million ($753.2 billion) Telford Shopping Center from Ares Management and Sovereign Land. The mall totals 1 million square feet on a 70-acre site, and it is one of the largest centers in the United Kingdom. Telford is located 154 miles from London.
The total investment by Orion was $376.6 million, which will be used for redevelopment. The plans include an additional 400,000 square feet of retail space and 250,000 square feet for a hotel.
In the Czech Republic, another large retail transaction was concluded between two German firms, Hannover Leasing and Union Investment.
Hannover Leasing has sold a majority stake in the largest downtown shopping center in the Czech Republic — the Palladium in Prague. The transaction is based on a real estate value of approxim