The Mall sells four centres for £136m
Published: 25 June, 2010
The Mall Fund has continued its disposals programme with the sale of centres in Gloucester, Southampton, Romford and Falkirk to Rockspring for £136m.
The Mall Fund, managed by Capital & Regional and Aviva, has conditionally exchanged contracts with clients of Rockspring Property Investment Managers, for the sale of four shopping centres at a price of £136m, reflecting a net initial yield of 7.5 per cent.
The centres involved are The Eastgate Shopping Centre, Gloucester; The Marlands Shopping Centre, Southampton; The Liberty 2 Shopping Centre, Romford and The Howgate Shopping Centre, Falkirk.
The sale is conditional upon a number of matters including the approval of the holders of loan notes in The Mall Fund because, while the sale price is in excess of the most recent valuation for the properties, it is below the minimum release price provided for in the loan agreement.
