Sale opens way for town centre development
Key Property Investments (KPI), the joint venture between St Modwen Properties and Kuwait-based Salhia Real Estate, has paid£29.9 million for the head leasehold interest in The Malls, a 290,000 sq ft (26,940 sq m) shopping centre at Basingstoke in Hampshire.

Built in the late 1970s as the second phase of Basingstoke town centre, the scheme is anchored by, among others, Sainsbury's, Allders and Boots. Basingstoke & Dean Borough Council has a 99-year underlease on the centre, and KPI is looking at redevelopment opportunities in partnership with the council.

The Walks, the first phase of Basingstoke town centre, was recently incorporated into Grosvenor's Festival Place development.

St Modwen director Paul Arnold said: 'We are very enthusiastic about this purchase and are looking forward, together with the borough council, to further improving Basingstoke's town centre offering by redeveloping The Malls.'

KPI was represented by Hartnell Taylor Cook. CB Richard Ellis acted for the vendor, Possfund.