Newspaper article The Evening Standard (London, England)

Chelsfield Runs the Rule over Potential White City Partners

Newspaper article The Evening Standard (London, England)

Chelsfield Runs the Rule over Potential White City Partners

Article excerpt

Byline: JAMES ROSSITER

PROPERTY group Chelsfield is shortlisting partners who will inject [pounds sterling]200 million into its giant White City retail and leisure centre in return for a 50% stake in it.

Nigel Hugill, chief executive of the group which is soon to be taken private, said: "We have had a number of proposals. We have always said we wanted a long-term 50-50 partner so this is, in effect, a combination of funding and selling."

Funding offers for the 1.2 million square foot centre, also covering parts of Shepherds Bush, are thought to have come from German property fund CGI, controlled by Commerzbank, with some e11 billion ([pounds sterling]7.6 billion) assets under management, deal sources said.

Chelsfield will be "making announcements in a couple of months when there is something definitive, in combination with a couple of pre-lettings," Hugill said.

The company, founded by chairman Elliott Bernerd, has put total construction costs at around [pounds sterling]650 million, including a [pounds sterling]150 million transport link on the site of the Central line station. Earlier this year, Chelsfield secured [pounds sterling]750 million finance from Barclays Bank. …

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