Westfield has sold a 50 per cent interest in the Merry Hill shopping centre and surrounding development land to Queensland Investment Corporation for £524m. The company will continue to act as property, leasing and development manager.
Merry Hill is one of the largest shopping centres in the UK with an area of approximately 1.6 million sq ft anchored by Debenhams, Marks & Spencer, Asda and Sainsbury's with over 250 stores and 8,000 car spaces. Westfield purchased the mall for £875m in 2004 and since then it has spent a further £16m on upgrading the scheme.
Group managing director Steven Lowy said the proceeds of the sale would be reinvested in Westfield's global redevelopment programme.
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