UK - The Mall Property Fund has bought St George's Shopping Centre in Preston from Legal & General for £102.5m.
The covered shopping centre opened in 1964 but underwent a major £23m refurbishment in 2000, and currently houses M&S, H&M, Arcadia, New Look and WHSmith.
The Mall – established by Morley Fund Management and Capital & Regional in 2002 – has assets of over £1.4bn in 17 properties. It plans to grow assets to £2bn in up to 30 locations.
Institutional investors include Isis Asset Management, Hermes Pensions Management, Prudential M&G and Norwich Union.
Morley’s fund manager for The Mall Fund, Philip Nell, said: “We are very pleased to have successfully acquired such a well-suited asset for The Mall Fund, and look forward to the scheme forming a key part of our aim to deliver continued outperformance for our investors.”
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.