Westfield confirms deal to sell Broadway shopping scheme in Bradford (From Bradford Telegraph and Argus)

Westfield confirms deal to sell Broadway shopping scheme in Bradford

9:51am Friday 26th October 2012 in News

Developer Westfield today confirmed a deal to sell its interest in Bradford’s Broadway scheme to London-based property investment firm Meyer Bergman together with two major Canadian pension funds.

On completion of the deal, Meyer Bergman will become the new owner of the Bradford site and will then appoint Westfield to the development, design, construction and leasing roles for the new shopping centre. Westfield will also be appointed as property manager for the centre following completion of the development.

A statement issued by Westfield this morning said the transaction is subject to the start of the Bradford development, which is expected to occur in the second half of 2013.

The purchase of Broadway, believed to be for about £200m, is being undertaken by Meyer Bergman and Canadian pension funds, healthcare of Ontario Pension Plan Trust Fund and another co-investor in Meyer Bergman’s second fund, Meyer Bergman European Retail Partners Fund II (‘mberp II’).

The £260m Bradford development will comprise a 550,000 square foot retail centre including over 70 shops and places to dine and will be anchored by Debenhams, Marks & Spencer and Next.

Duncan Bower, Westfield director of development, said, “The agreements with Meyer Bergman are a significant step forward for the development of the shopping centre for the city of Bradford.

“Westfield has remained committed to progressing the Bradford scheme through difficult global economic times.”

Earlier this month, the Telegraph & Argus reported how Westfield was understood to be on the verge of selling the scheme, but today's statement from the Australian company is the first official announcement on the deal.