Westfield Group has won a deal with real estate investment management firm Meyer Bergman to develop the Bradford Centre in northern England.
The group will be responsible for developing, designing, constructing and leasing the 550,000 square foot retail centre, which is worth approximately $405 million. The centre will be anchored by Debenhams, Marks & Spencer and Next and will include over 70 shops and places to dine.
As part of the agreement, Westfield said it will sell its interest in the site for a price which is in line with book value.
“On completion of the transaction, Meyer Bergmann will become the owner of the Bradford site,” Westfield said.
“Meyer Bergmann will appoint Westfield to the development, design, construction and leasing roles for the new project.
“Westfield will also be appointed as property manager for the centre following the completion of the development.”
The Bradford development is expected to occur in the second half of 2013.