Outlet mall specialist Freeport has exercised its option to acquire Norwest Co-Op's 50 per cent share of Freeport Stoke Limited, which owns and operates the Freeport Talke outlet mall at Talke Pits, Stoke-on-Trent, Staffordshire.
The outlet mall opened in March 1999 and comprises 142,000 sq ft (13,200 sq m) of lettable floorspace. Consent was recently received to expand the mall by 23,800 sq ft (2,200 sq m). Freeport has agreed to pay£1 million in cash and repay£6.5 million of shareholders loans to Norwest.
Freeport's chairman Sean Collidge said: 'We have acquired the remaining 50 per cent shareholding in Freeport Stoke at a beneficial price. This gives us greater flexibility in operating the outlet mall and provides more options to maximise the value of the property.'
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