Trebles all round: The Peel Group sheds debt, and concentrates on new development, whilst boss John Whittaker gets close to a majority stake in the UK's biggest mall operator. That's the consequence of a deal to sell the Trafford Centre to Capital Shopping Centres.
Capital Shopping Centres already runs Lakeside in Thurrock, the Metrocentre in Gateshead and the Arndale Centre in Manchester. The Trafford Centre is valued at £1.6bn; Whittaker gets shares, while CSC take on the debt Peel accrued to build the 1.5m sq ft shopping centre.
It probably means Peel can start to progress both Liverpool Waters and Wirral Waters, whilst still schmoosing Chinese and other investors to get on board.
0820 Friday update: It requires others to help with this deal. Capital Shopping Centres needs to place 62.3m shares to raise funds for the purchase, in what's said to be the largest single asset transaction in UK property history.
0820 Friday update: It requires others to help with this deal. Capital Shopping Centres needs to place 62.3m shares to raise funds for the purchase, in what's said to be the largest single asset transaction in UK property history.
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