Capital & Regional completes Mall Fund buyout
PROPERTY investor Capital & Regional has completed its purchase of all the shares in The Mall Fund which owns six shopping centres, including The Mall in Blackburn.
Earlier this year it took its holding to 91% after agreeing a deal to buy Aviva’s 52% stake and Karoo’s 10.52% stake for around £213m.
It then agreed to buy a further 7.3% from seven minority shareholders for £27m.
In a brief statement, the listed group said it had completed the acquisition of the shares held by the last unit holder. Capital & Regional started building its interest late last year when a £10.7m trade took its share from 26% to 29.2%.
The Mall Fund has gross assets of around £832.4m and revenues of £77.4m. All the centres are in the south east apart from the 110-store Blackburn Mall in Church Street.
