Going Dutch In Ealing
Company from Netherlands interested in our shopping centre
A property company from the Netherlands is reported to be close to buying Ealing Broadway shopping centre after the asking price dropped 15%.
The real estate firm Wereldhave has been interested in the 275,000 sq ft retail scheme for some time but is now believed to be in serious negotiation with current owners Legal & General Properties. This was confirmed in a Dutch newspaper by the firm's treasurer, Charles Bloema.
The develpment is valued at £153 million, which represents a yield of between 5% and 6%.
Although property analysts say Ealing is not considered to be a prime real estate location, the the fact that it is well connected to Central London via National Rail and the London Underground has meant several companies have shown interest.
Wereldhave invests in property across Europe and the United States. Across the UK and the Benelux states, their focus is on shopping centres.
Investments are held directly, and the company makes money through commercial centres and buying and selling office and residential property.
Ealing Broadway Shopping Centre opened in 1985 and recently celebrated 25 years - tenants include H&M, Argos Extra, Marks & Spencer, New Look, Primark and Tesco.
3rd November 2011