Capital & Regional agrees £213m Mall Fund deal
PROPERTY investor Capital & Regional is planning to take a majority stake in the Mall Fund which owns six shopping centres, including the Mall in Blackburn.
It has agreed a deal to buy Aviva’s 52% stake and Karoo’s 10.52% stake for around £213m.
The transaction will give it a 91%. Capital & Regional started building its interest late last year when a £10.7m trade built its share from 26% to 29.2%.
The cost of latest agreement is being partly covered by a £165m share placing.
Capital & Regional said the Mall Fund has gross assets of £832.4m and revenue of £77.4m. Profit before financing was £22.8m last year. All the centres are in the south east apart from the 110-store Blackburn Mall in Church Street.
