Â鶹ӳ»­

Standard Life Investments' UK Shopping Centre Trust has completed the sale of the Whiteley shopping centre in west London to a private family office from Brunei in an off-market deal worth over £100 mln (€120 mln).

The move reflects the Trust’s attempt to capitalise on strategic opportunities and release capital for re-investment in the remaining portfolio and in high-quality assets with the potential to deliver strong returns over the long term.

For the buyer, the deal forms part of a wider investment strategy into the Queensway area of London.

Originally an independent, family-run department store between 1912 and 1981, Whiteleys stood empty for many years before its redevelopment into a multi-level shopping centre that opened in 1989. The redevelopment was funded by the then Standard Life Assurance Company and transferred into the Standard Life Investments UK Shopping Centre Trust in 2005.

According to a news report by PropertyWeek, the special purpose vehicle which bought the centre has been taken over in a second stage by London-based retail specialist Meyer Bergman with senior debt provided by Blackstone.

Ed Jenkins, head of UK retail at Standard Life Investments, said: 'We will use the proceeds to invest in the remainder of the existing portfolio and in assets of equivalent or better quality that will be accretive to the performance of the trust.'

The buyer was advised by Johnny Sandelson.