The Lexicon in Bracknell, a joint venture between Schroder Capital UK Real Estate Fund and Legal & General Capital, is holding a beauty parade for advisers for what could be the UK's next major shopping centre sale.
Market sources this week said leading advisers had been invited to pitch on a sale of the major shopping and leisure complex in the heart of the East Berkshire town. A price of significantly more than £130 million would be expected, according to retail investment experts.
The Lexicon was developed by The Bracknell Regeneration Partnership, a 50:50 joint venture between Legal & General Capital and Schroder UK Real Estate Fund, in partnership with Bracknell Forest Council.
Principal tenants include Marks and Spencer, Primark, Next, JD and Fenwick.
The launch of a sale would in part be a response to resurgent activity in the shopping centre market in recent weeks, with Landsec completing the £492 million acquisition of Liverpool One at the end of last year, and MDSR under offer to buy Festival Place in Basingstoke for around £100 million.
In a recent exclusive article for CoStar News, Knight Frank reported that improved rental performance and strong occupier take-up was encouraging an increasing competitive investment environment.
It wrote: "Buyer types are more diverse now with retailers, property companies and private equity investors making new forays into the sector in addition to these UK funds. Frasers is a particularly committed buyer, signalling intent to invest £250 million per year in shopping centres for the next few years. We are now monitoring closely the re-emergence of global funds, namely German, Malaysian, Singaporean and Japanese capital to fund the next wave of acquisitions in this recovering market. Recent shopping centre sales processes have all resulted in multiple offers and competitive tension."
In a statement Schroders said: "No advisor has been appointed and no sale is progressing at this time."