Capital & Regional has increased its stake it the Mall Fund of UK shopping centres it founded and manages.
Capital & Regional has increased its stake it the Mall Fund of UK shopping centres it founded and manages.
The London-listed real estate manager has completed the acquisition of almost 50 million units in the fund, representing 5.27% of the total number, from insurer Friends Life, for a total of £17 mln (€21 mln).
The acquisition price compares to a net asset value per 30 September 2013 of £18 mln.
In addition, Capital & Regional bought a further 3.9 million units from various other parties for a total of just over £1 mln.
The acquisitions lift the group's holding in the Mall Fund from 20.3% to 26%.
Capital & Regional CEO Hugh Scott-Barrett said the acquisition of these units represented an attractive opportunity to recycle capital from the sale of the Great Northern Warehouse leisure scheme in Manchester into assets with significant asset management initiatives and growth potential. 'The Mall Fund remains central to our future strategy,' he added.
Capital & Regional is a specialist property company with a £1.2 bn portfolio. It founded The Mall in conjunction with Aviva Investors and acts as Property and Asset Manager for the fund.
