CSC buys out partner at Potteries

Capital Shopping Centres has bought out Henderson Global Investors' 50 per cent interest in the limited partnership that owns The Potteries Shopping Centre at Hanley, Stoke-on-Trent. The deal values the 560,000 sq ft (52,025 sq m) scheme at more than£250 million and gives 100 per cent ownership of the freehold of the centre, which it developed in 1988.

Henderson's interest was valued in September at£128.625 million, and the purchase price of£62.5 million is based on this sum less outstanding debt. CSC managing director John Abel said Henderson was willing to sell because of changing asset allocations within its portfolio. CSC would now be in a position to investigate ways of adding value to the centre, he said.

Anchored by Debenhams, and with more than 80 smaller shops, The Potteries is the principal shopping centre for Stoke and the surrounding region, attracting more than 13 million shoppers a year.