Modus ponders shopping centre JV sale
Modus Properties said it may sell its 50% stake in the shopping centre joint venture with Ciref, the AIM-listed investor and developer, which includes Delamere Place in Crewe and Birchwood in Warrington.
Manchester-based Modus said its main source of funding, Bank of Scotland Corporate, is not making new loans. This leaves the developer unable to apply more capital to the JV programme.
The JV includes five schemes, although only one, in Wakefield, is under construction. A public inquiry decision is due on Delamere Place in Crewe. Birchwood in Warrington is an existing centre due for redevelopment.
Modus' remaining investment portfolio is valued at more than £1bn and includes the Houndshill centre in Blackpool, which opened in August.