Capital & Regional has completed the sale of its interest in The Mall, Luton shopping centre for a cash consideration of £58mln.
The property had previously been deconsolidated, so gross assets related to the investment are nil and the transaction does not result in any profit or loss on disposal to the group, the shopping centre specialist said in a statement.
SDI (Luton) Limited and SDI (Luton 2) Limited have acquired the property, with the disposal the result of a sale process undertaken with the consent of the secured lender on the related loan facility.
Net proceeds from the disposal will be remitted to the secured lender.
As manager of the property, Capital and Regional generated fees of £1.4mln in 2022 that have ceased effective from the date of the disposal.