Shopping centre set to return as The Glades
PUBLISHED: 14:26 26 October 2016 | UPDATED: 15:57 26 October 2016
intu Bromley's name is set to change after its acquisition by a US investment fund
Shopping centre intu Bromley is set to return as The Glades following its sale to an overseas investment fund.
Alaska Permanent Fund Corporation has bought an 85 per cent stake in the shopping centre from majority owner Intu Properties and Aviva, and an intu spokesperson confirmed the name would change.
“As it’s no longer part of the intu group, the centre will need to change its name from intu Bromley,” the spokesperson said.
“We understand from the buyer that they are intending to change the name to The Glades.”
The shopping centre became intu Bromley in 2013 after nearly 22 years as The Glades, prompting criticisms from local residents.
It has recently undergone several major changes, including the opening of a new restaurant terrace over the summer.
The spokesperson said the sale of its £180 million stake to the investment fund, which was set up to manage Alaska’s oil revenues, had not been due to poor performance.
“We said at our annual results earlier this year that we would look for opportunities to free up some of our capital in order to fund our development pipeline.
“In fact, it’s because the centre has performed so well that we’ve been able to agree a deal that allows us to do this.”
The sale of Aviva’s stake in the centre brought the total price tag to more than £200 million.
Bromley Council will retain its 15 per cent stake in the shopping centre, which will be managed by LaSalle Investment Management.
Councillor Peter Morgan described the sale as ‘good news’.
“We have to remember that this deal has been completed post-Brexit and it is interesting to note that this American fund has wanted to invest in the future of Britain outside the EU,” he said.
“We anticipate that the new owners will want to improve their investment still further and we look forward to working with the highly experienced LaSalle Investment Management team.”