Ealing Broadway Shopping Centre Could Be Sold Again

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Dutch firm looks to take quick turn despite describing themselves as long-term investor

Ealing Broadway Shopping Centre could be about to change hands again according to reports in the specialist property press.

An article in Property Week states that British Land is at an advanced stage of negotiations to buy the shopping complex from Dutch company Wereldhave’s for around £180m.

Wereldhave has recently been disposing of what it has described as non-core assets in the UK and US although as recently as last November they stated, "As a long-term investor in Ealing Broadway, we are committed to creating a new modern retail environment in Ealing and the letting to wagamama and work to the High Street is our first step to achieving this.”

The centre was bought from Legal & General Properties for £155m in late 2011. The firm moved to buy it after a 15% fall in the original asking price.

In July it announced a profit warning following a write down of values in its UK shopping centre portfolio of €37m.

Matthew McMillan, Chief Executive, Ealing Broadway BID said:

''Ealing is currently one of the most exciting places to invest in London and its no surprise to hear that companies of the calibre of British Land are linked with opportunities here. In the short time they have been here, Wereldhave have been a real asset, bringing exciting new tenants, a much needed overhaul of the High Street collonnade and a dynamic marketing and events programme which has hugely contributed to the whole town centre.

''If Weraldhave do decide to exit the town centre, they'll leave a positive legacy and a real opportunity for new investors to build on their work to make Ealing one of London's most vibrant town centres once more.''

Wereldhave have declined to comment.

Ealing Broadway Shopping Centre opened in 1985 and celebrated 25 years of operation in 2011.

January 11, 2013