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The Mall Fund sells 4 Malls at a 6% premium to book value
Capital & Regional plc, the co-investing property asset manager, today announced that The Mall Fund, in which it has a 16.5% interest has completed the sale of 4 shopping centres to clients of Rockspring Property Investment Managers at a price of £135.9million, reflecting a net initial yield of 7.5%.
The sale price represents a 6% premium to the book valuation of these properties as at 30 June 2010 which was £128.1million, which is a comfort to investors in The Mall Fund.
The centres involved are:-
The Eastgate Shopping Centre, Gloucester, acquired in 2004 a 250,000 sq ft complex with 50 retailers including M&S, H&M and Republic.
The Marlands Shopping Centre, Southampton, a 210,000 sq1 ft Mall acquired in 2003, with 39 retailers including Matalan.
The Liberty 2 Shopping Centre, Romford, an older Mall acquired in 2002, and developed by the addition of a 99,000 sq ft Asda, now has 35 retailers, including Peacoks, Wilkinson and Superdrug.
The Howgate Shopping Centre, Falkirk, an older Mall bought in 2002 with 58 retailers in 200,000 sq ft. Tenants include Debenhams, M&S, Argos, Boots etc.
The sale reduces the Mall Fund ownership to 12 Malls, it's most recent development being a £66 million development in Blackburn which opened at the end of July. The lead store, which sets the tone for the complex is a Primark megastore. The centre 80% pre-let but is struggling to sign remaining tenants and is having a rolling opening as new tenants come on stream. As part of the redevelopment, Blackburn Market will relocate to a new 68,000 sq ft premises and the old building will be demolished.
The sale price represents a 6% premium to the book valuation of these properties as at 30 June 2010 which was £128.1million, which is a comfort to investors in The Mall Fund.
The centres involved are:-
The Eastgate Shopping Centre, Gloucester, acquired in 2004 a 250,000 sq ft complex with 50 retailers including M&S, H&M and Republic.
The Marlands Shopping Centre, Southampton, a 210,000 sq1 ft Mall acquired in 2003, with 39 retailers including Matalan.
The Liberty 2 Shopping Centre, Romford, an older Mall acquired in 2002, and developed by the addition of a 99,000 sq ft Asda, now has 35 retailers, including Peacoks, Wilkinson and Superdrug.
The Howgate Shopping Centre, Falkirk, an older Mall bought in 2002 with 58 retailers in 200,000 sq ft. Tenants include Debenhams, M&S, Argos, Boots etc.
The sale reduces the Mall Fund ownership to 12 Malls, it's most recent development being a £66 million development in Blackburn which opened at the end of July. The lead store, which sets the tone for the complex is a Primark megastore. The centre 80% pre-let but is struggling to sign remaining tenants and is having a rolling opening as new tenants come on stream. As part of the redevelopment, Blackburn Market will relocate to a new 68,000 sq ft premises and the old building will be demolished.
Mon, 16th Aug 2010