Castle Quarter owner sold in £9.3bn deal
PUBLISHED: 14:52 27 December 2019 | UPDATED: 08:30 28 December 2019
The owner of the Castle Quarter has been purchased by the Sun Life financial group in a £9.3bn deal.
Formerly Castle Mall, the Norwich retail hub is owned by InfraRed Capital Partners, an asset and estate management firm, which bought the shopping centre in 2012 for £77.3m.
InfraRed also has a 14.7% stake in the Sheringham Shoal Windfarm, worth £80m, which it purchased in December 2017.
MORE: Emission-free taxi firm bought out by competitor
It has other stakes in Norfolk's offshore industry, including a 21.2MW plant at Egmere Airfield and the transmission assets (property, equipment, materials and so on) for the Race Bank windfarm.
InfraRed has said the buyout will help it to expand its renewable energy portfolio.
You may also want to watch:
"I am delighted to announce this transaction with Sun Life and SLC Management which enables us to drive the growth of our business, in particular the renewable energy market," said Werner von Guionneau, chief executive officer, InfraRed Capital Partners.
"Our ambition is to continually evolve so that we maximize the potential of our capabilities and address the exciting market opportunities we see in infrastructure overall and particularly around the low carbon energy transition."
Sun Life is best known for its insurance business which includes life, wellness and health insurance.
InfraRed will form part of SLC Management, Sun Life's alternatives asset management business.
Steve Peacher, president of SLC Management said: "InfraRed is a leader in global infrastructure investing in both greenfield and brownfield projects, including renewable energy. These investments have historically provided the returns and horizon that institutional clients are seeking."
Sun Life will acquire an 80% interest in InfraRed that includes a closing payment of £300 million.
InfraRed's owners will have a put option to sell their remaining interest to Sun Life approximately four years from the closing and Sun Life will have the option to call any remaining interest approximately five years from the closing.
If you value what this story gives you, please consider supporting the Eastern Daily Press. Click the link in the orange box above for details.