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Intu closes £148M stake sale of UK retail asset to LaSalle Investment Management

Intu Properties Plc on Jan. 31 wrapped up the £148 million sale of a 50% stake in the intu Chapelfield shopping center in Norwich, U.K., to LaSalle Investment Management Inc. after certain conditions were fulfilled.

LaSalled formed a 50/50 joint venture with Intu for the purchase of a stake in the retail asset on behalf of Greater Manchester Pension Fund and West Yorkshire Pension Fund in November 2017.

The deal reflected a net initial yield of 5.0%. Intu will continue to manage the shopping center, which was valued at £305 million as at June 30, 2017.