Delancey buys Centros Miller
Published: 18 January, 2008
Delancey, the private property company headed by Jamie Ritblat, has bought out Miller Developments’ 50 per cent stake in regeneration specialist Centros Miller, giving it 100 per cent ownership of the company.
At the same time Delancey will also acquire Miller’s 50 per cent stake in the Northern Quarter development in Portsmouth; the Arc scheme in Bury St Edmunds and the Castle View project in Lancaster. Miller plans to focus on retail development in the UK in its own right.
Centros Miller will be renamed Centros. It has a current development programme worth more than £900m to create over 3 million sq ft across the UK. In Portsmouth its one million-sq ft mixed-use scheme will be anchored by John Lewis and M&S. The Arc, a 265,000 sq ft-redevelopment of the former cattle market in Bury St Edmunds, will provide a Debenhams store and another 35 units when it opens in 2009. Castle View in Lancaster will significantly extend the city’s retail offer through a 10-acre, 485,000-sq ft mixed-use scheme. And the company shortly expects to announce its appointment as development manager on Arnotts’ €1.2bn mixed-use scheme in Dublin city centre.
Ritblat said: “This transaction provides Delancey’s investors with full exposure to a number of transformational projects which we have supported since their inception. We are delighted to have agreed this transaction with Miller and look forward to continuing to develop and support Centros in the future.”
And Centros chief executive Richard Wise aded: “This transaction will transform Centros. To have the full backing of Delancey at a time when equity is king is fantastic. We couldn’t be better placed for 2008 and beyond.”