Chapelfield joint venture deal completed

PUBLISHED: 10:09 01 February 2018 | UPDATED: 10:09 01 February 2018

Intu Chapelfield. Photo: Steve Adams

Intu Chapelfield. Photo: Steve Adams

Copyright Archant Norfolk 2015

The sale of half Intu Properties's stake in the Chapelfield shopping centre in Norwich has been completed as the group enters a joint venture with an investment group.

Retail centre manager Intu announced it was to enter a partnership with LaSalle Investment Management, which is acting on behalf of the Greater Manchester and West Yorkshire Pensions Funds, in November.

The conditions for the sale have now been met and the transaction was completed on January 31.

Intu will continue to operate the 530,000 sq ft complex but wanted to offload a considerable stake to free up cash for investment elsewhere in the group.

Chapelfield, which was valued at £305m in June 2017, was built between 2002 and 2005 on the site of the former Nestle chocolate factory.

It is home to brands including Apple, House of Fraser, H&M, Hollister, Superdry and Samsung as well as several restaurants.

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