{"id":98923,"date":"2024-12-18T00:00:00","date_gmt":"2024-12-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/adia-subsidiary-sells-its-69-stake-in-uk-shopping-center-liverpool-one\/"},"modified":"2024-12-18T00:00:00","modified_gmt":"2024-12-18T00:00:00","slug":"adia-subsidiary-sells-its-69-stake-in-uk-shopping-center-liverpool-one","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/12\/18\/adia-subsidiary-sells-its-69-stake-in-uk-shopping-center-liverpool-one\/","title":{"rendered":"Adia subsidiary sells its 69% stake in UK shopping center Liverpool ONE"},"content":{"rendered":"

An<\/strong> Abu Dhabi Investment Authority (Adia) subsidiary sold its 69% s<\/strong>take in shopping <\/strong>center Liverpool ONE<\/strong> alongside Grosvenor \u2014 who sold a 23% stake \u2014 to British property firm LandSec in a transaction valued at GBP 490 mn, according to a press release<\/a>.<\/p>\n

A GBP 35 mn payment to Adia will be deferred for two years, with the possibility of future payments to the sovereign wealth fund, depending on how the property performs. <\/p>\n

Refresher: <\/strong>Adia appointed real estate and investment management provider JLL last year to find a buyer for its stake in the 1.6 mn sqft mall, CoStar<\/a> reported last month. The property was valued at GBP 520 mn at the time, according to the outlet. <\/p>\n

This is not Adia\u2019s first divestment in the UK:<\/strong> It also sold its stake in 33 hotels under Marriott International brands in the UK back in November<\/a> to US investment firms KKR and Baupost Group for GBP 900 mn.<\/p>\n

Physical retail properties have been struggling in the UK <\/strong>due to the boom in online shopping, the Financial Times<\/a> reported. Shopping mall prices have fallen significantly, \u201cthat they now cost significantly more to build than they were worth,\u201d CEO of Landsec Mark Allan told the salmon-colored paper, though he expects the lack of future supply of shopping centres to help \u201cboost the recovery in value of existing malls.\u201d<\/p>\n

\n

OTHER M&A NEWS-<\/p>\n

Ghitha Holding subsid<\/strong>iary Ghitha Aeroinvest terminated its agreement to acquire a 44% <\/strong>stake in Turkish air freight cargo company MNG Airlines<\/strong>, according to a disclosure (pdf)<\/a> to the ADX. The transaction was valued<\/a> at USD 211.2 mn, and was part of Ghitha\u2019s plans to diversify its asset portfolio and strengthen logistical and distribution capabilities. The disclosure did not mention the reason behind the termination of the agreement.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Abu Dhabi sovereign wealth fund had tapped JLL last year to find a buyer for its stake<\/p>\n","protected":false},"author":1,"featured_media":98924,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2013],"tags":[368,102,7,642],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-98923","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-divestment-watch","tag-abu-dhabi-investment-authority","tag-divestment-watch","tag-enterpriseam-uae","tag-retail","wpautop","entry"],"acf":{"mongo_id":"848fd238-4b83-4786-9342-39709455ba9b","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/1694.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Adia subsidiary sells its 69% stake in UK shopping center Liverpool ONE. 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