Morley's Mall Fund is over double index
UK - Morley Fund Management's shopping centre property fund, the Mall Fund, has returned 33.5% for 2003.
The fund – which was set up by Morley and specialist leisure and retail property company Capital & Regional – returned 33.5% compared with the IPD Annual Shopping Centre index which posted a 15.2% return for 2003.
The fund has an “aggressive” strategy towards property acquisition and during 2003 invested approximately £400m in new malls, seeking out acquisitions such as the Castle Mall in Norwich.
Other investors in the Mall Fund include the BT Pension Scheme through its Hermes Pensions Management subsidiary, the Prudential, Norwich Union and Isis Asset Management.
The Mall Fund was established by Morley and Capital & Regional to own and operate community shopping centres throughout the UK. It currently has a portfolio of 15 shopping centres – worth £1.26bn – and plans to grow the portfolio to over £2bn within two years in up to 30 locations.
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