Westfield Group confirms deal with Bradford Broadway centreFriday, 26 October 2012
The Westfield Group has confirmed a deal to develop the
£260 million Broadway shopping centre scheme in Bradford and to sell its interest to property investment firm Meyer Bergman.
On completion of the deal, Meyer Bergman will become the new owner of the Bradford site and will then appoint Westfield to manage the development, design, construction and leasing roles for the new shopping centre. Westfield will also be appointed as property manager for the centre following completion of the development.
Meyer Bergman is buying the centre in association with two major Canadian pension funds. The new development will comprise a 550,000 square foot retail centre including over 70 shops and restaurants and will be anchored by Debenhams, Marks & Spencer and Next.
Duncan Bower, Westfield director of development said: "The agreements with Meyer Bergman are a significant step forward for the development of the shopping centre for the city of Bradford.
"Westfield has remained committed to progressing the Bradford scheme through difficult global economic times. "There is increasing momentum behind this project and strong retail interest from a range of major stores and specialty shops given the relatively untapped retail market in Bradford City Centre."
Councillor David Green, leader of Bradford Council added: "The Westfield and Meyer Bergman announcement is good news for Bradford.
"This is a clear signal of investor confidence in Bradford, which builds upon the recent leasing announcements." Westfield said the transaction is subject to the start of the Bradford development, which is expected to occur in the second half of 2013.