Mall Fund completes sale of Mall Galleries for £50.2m
Published: 17 January, 2011
HSBC European Active Real Estate Trust has bought The Galleries in Bristol from The Mall Fund for £50.2m.
The sale follows the successful refinancing of the Fund in 2010 and the recent sale of the "quattro portfolio" in Romford, Falkirk, Gloucester and Southampton.
Mark Bourgeois, managing director for Shopping Centres at Capital & Regional said: "We have delivered strong income growth in the latter part of 2010, with the completion of the redevelopments at Blackburn and Luton and, in conjunction with our partners at Aviva Investors, we look forward to building on that platform in 2011 and beyond."
Barry Hill of Aviva Investors, fund manager for The Mall Fund adds: "The sale of The Galleries marks another positive step forward for the Fund, allowing us to focus on the core assets which we have retained within the portfolio. With these 11 vibrant shopping centres, we are now well positioned to proactively invest in these assets and deliver value for the Fund".
Capital & Regional has an interest of 16.7 per cent in the Mall Fund.
