Orrick’s London team advised intu in the sale of its 63.5 percent stake in intu Bromley to Alaska Permanent Fund Corporation (APFC) for £177.9 million. The deal was finalized on 15 December 2016.
intu Bromley is a popular shopping center in London’s largest borough that attracts 20 million visitors a year. Over the previous three years the center has been refurbished, a restaurant extension added and an active asset management program has delivered significant improvements to the tenant mix. The APFC is a fund set-up 40 years ago to responsibly manage Alaska’s oil revenues. As part of the Bromley transaction, APFC also acquired Aviva’s 21.475 percent interest in the shopping center. London Borough of Bromley will retain its 15 percent interest. The shopping center will be managed by LaSalle Investment Management on behalf of APFC.
This deal’s price tag represents a property value increase of 1% since the June Brexit vote, reflecting a measure of renewed confidence in the retail property sector.
The Orrick team was led by Anne O’Neill and Fiona Stone on the real estate side and Hilary Winter and Jinal Shah on the corporate side, assisted by Alice Edwards, Rhian Saleh Al-Obaidy, Ed Denny, Bridget Winters and Sally Harrison.