Alhambra sold in mega deal

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SHOPPING complex The Alhambra Centre in Barnsley has been sold as part of a multi-million pound deal.

Property giant Capital & Regional announced its Mall Fund has exchanged contracts for the sale of The Alhambra, and The Cleveland Centre in Middlesbrough, to real estate fund manager F&C REIT for £108.1 million.

The 180,000 sq ft centre, which opened in 1991, is Barnsley’s main shopping complex and has tenants including TK Maxx, Next and Primark.

Capital & Regional said the proceeds of the disposals will be used to repay debt “in line with the Mall Fund’s strategy of de-gearing to focus on a core portfolio of dominant secondary shopping centres”.

When the deal completes, The Mall’s debt will amount to around £665m, the group said.