The owner of Merry Hill shopping centre has offloaded a Black Country business park for £15.5 million in order to 'fix the balance sheet'.
Intu has sold Waterfront Business Park in Brierley Hill to London-based Bridges Fund Management.
It was reported during the summer that Intu was battling a £4.7 billion debt mountain and warned that rent from shops would fall for the rest of 2019 and next year.
Waterfront Business Park, which sits next to the Merry Hill, comprises nine buildings with a total of 228,000 sq ft of office and industrial space.
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The site covers 12 acres and is home to eight tenants including the West Midlands Ambulance Service and law firm Higgs & Sons.
The business park and Merry Hill were built by developer Roy Richardson and his late brother Don before both being acquired by Intu.
The new owners are now expected to carry out a refurbishment programme on the park's vacant space.
Intu chief executive Matthew Roberts said: "We said at our interim results in July that part of our strategy is to fix the balance sheet.
"One way that we are doing this is through disposal and part-disposal of assets in the UK and Spain.
"In line with this, we have now completed the sale of the Waterfront Business Park to Bridges for its asking price of £15.5 million."
Bridges was advised by Birmingham-based property agents KWB.
Director Nigel Tripp added: "Bridges is very focused on the wider benefits of its investments and always looks for real estate opportunities where it can help reduce carbon emissions, revitalise business space and regenerate communities.
"It's very early to say precisely what will happen to the park but knowing its track record, I'd expect Bridges to invest significant sums in the latest energy-efficient technology because it is always keen for its investments to be sustainable."
