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Despite The Retail Gloom M&G Funds £94M Selly Oak Scheme


M&G will announce on Monday 4 June that it has exchanged contracts for the £94M forward funding of Birmingham's Selly Oak Retail Park.

The 190K SF scheme, anchored by Sainsbury's with 13 other units, is due to open in September. There will also be a 418-bed student block to be operated by Unite. The regeneration is a result of the Harvest partnership between Land Securities and Sainsbury's.

The sale represented a yield of around 5%, Estates Gazette said reporting the deal.

Next, Costa, Wilko and Nandos are among the occupiers already understood to be taking floorspace.

The funding deal comes amidst growing concerns that financial problems on the U.K. High Street were undermining retail schemes. Earlier this week it emerged that a long-planned development in Lichfield was under threat.