Preston’s Mall sold for £87m
THE St George’s Shopping Centre in Preston, known as The Mall, has been sold for £87m.
The property on the city’s Fishergate, which houses around 90 shops including Marks & Spencer and WH Smith, has been bought by Aviva Investors Property Trust.
It was previously owned by the Mall Fund, which was 16.7% owned by listed property investor Capital & Regional.
Capital & Regional, which also owns the MEN Arena building and Great Northern Warehouse in Manchester, said the price was an inital yield of 7.64% and was a premium to the centre’s valuation at the end of December.
Last year Capital & Regional raised £69m through a share placing to shore-up its balance sheet after being in danger of breaking its banking covenants.
It has been looking to dispose of assets recently – with a deal collapsing for the Great Northern Warehouse last year and speculation surrounding the MEN arena building this year.
