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.”
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