£60m price tag as Star City owner seeks buyer

STAR CITY shopping centre is being offered for sale for £60m, according to reports.

It was bought for £85.5m in 2006 by F&C REIT, on behalf of Nationwide, and was subsequently acquired by Cerberus Capital Management as part of a £680m purchase of a tranche of loans in 2014.

Star City was the largest asset in the portfolio, which is known as Project Carlisle.

American private equity firm Cerberus “has been discreetly seeking a buyer since last month”, reports property news site CoStar, and has received interest from at least one major UK REIT.

The 400,000 sq ft leisure and shopping development includes a 25-screen cinema and 14 restaurants.