UK landlord New Frontier Properties has sold the Cleveland Shopping Centre in Middlesbrough for £12m to the Middlesbrough council to repay some of its debt.
In the last annual results published in 2019, its net worth was £44.2m, reflecting a decline in property valuations. At the time its assets were valued at £119m. The company, which did not declare a dividend during this period, said it was looking for new investors to finance the business after the departure of its major shareholder, Rebosis Property Fund, which was founded by Sisa Ngebulana.
Subsequent company announcements have highlighted the loss of control to HSBC over its two remaining retail assets in Burton upon Trent and Middlesbrough. The company will sell what’s left of the assets on behalf of the funder to meet some of its debt commitment.