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Key Property Investments, a 50/50 joint venture between, Salhia Real Estate Company K.S.C and St. Modwen, today announces that it has completed the sale of the Elephant & Castle Shopping Centre to Delancey and APG for £80m in cash.
The sale price reflects a yield of 4.25% and is significantly above the asset’s current book value.
KPI acquired the Elephant & Castle Shopping Centre, a retail, leisure and office complex of 327,000 square feet, in May 2002 for £29.25 million. The acquisition was in line with Salhia`s ongoing strategy to own income-producing assets which offer the potential to grow value through active asset management initiatives and, ultimately, redevelopment.