Mall sells St George's shopping centre, Preston

Published: 08 March, 2010

Capital & Regional, asset manager of the Mall Fund, has completed the sale of the St George's Shopping Centre in Preston to Aviva Investors Property Trust for £87m reflecting an initial yield of 7.64 per cent.

The sale price reflects a premium to the 31 December 2009 valuation, and is the latest in a string of disposals by the fund which has seen it sell properties in Bexleyheath and Aberdeen in a bid to reduce its debt burden.

The 755,000 sq-ft St George’s centre houses over 100 retailers on two levels, anchored by Marks & Spencer and H&M, supported by 420 parking spaces.