17 Jan 2011
- Aviva Investors and Capital & Regional look to future of Mall Fund following strategic disposal -
The Mall Fund today completed the sale of The Galleries in Bristol. The shopping centre was sold to HSBC European Active Real Estate Trust for £50.2m.
The sale follows the successful refinancing of the Fund in 2010 and the recent sale of the "quattro portfolio" in Romford, Falkirk, Gloucester and Southampton.
Mark Bourgeois, Managing Director for Shopping Centres at Capital and Regional adds:
"We have delivered strong income growth in the latter part of 2010, with the completion of the redevelopments at Blackburn and Luton and, in conjunction with our partners at Aviva Investors, we look forward to building on that platform in 2011 and beyond."
Barry Hill of Aviva Investors, Fund Manager for The Mall Fund comments: "The sale of The Galleries marks another positive step forward for the Fund, allowing us to focus on the core assets which we have retained within the portfolio. With these 11 vibrant shopping centres, we are now well positioned to proactively invest in these assets and deliver value for the Fund".
Capital & Regional has an interest of 16.7% in the Mall Fund.
ENDS
For more information please contact Sophie Elliott or Liz D'Oliveira on 020 7828 5553.
Notes to editors:
The Mall is the UK's leading community shopping centre Fund. Managed by Capital & Regional and Aviva Investors, The Mall Fund owns 11 shopping centres across the UK and attracts approximately 2.3 million shopping visits every week.
