Westfield has announced it will unconditionally start construction works on the £260m Bradford Broadway development and has completed the sale of its interest to pan European retail real estate investment manager Meyer Bergman. Final site enabling works are being completed in December in preparation for major construction works starting in January 2014.

The new centre in the heart of the city is expected to open its doors in time for the Christmas shopping period in 2015 and is estimated to create 1,500 construction jobs and 2,500 new retail jobs for Bradford.

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The 570,000 sq ft new shopping centre will feature a 106,000 sq ft Debenhams department store and a 63,000 sq ft Marks & Spencer as anchor retailers, along with 70 additional shops, restaurants and cafes, including major high street retailers Next, River Island and just announced Topshop, Topman and Sainsbury's.

Meyer Bergman acquired the scheme as the initial investment for its second value-add fund, Meyer Bergman European Retail Partners II, which has a strategic focus on defensive prime assets located in city centre shopping destinations across Europe. The fund completed the purchase of the Bradford site with co-investment from two major Canadian pension funds, Healthcare of Ontario Pension Plan and AIMCo, on behalf of certain of its clients. Together they appointed Westfield to develop, design, construct and lease the project. Westfield will also act as the property manager for the centre following completion of the development.

(CD/MH)