Aviva Investors Property Trust (APIT) has acquired the St Georges Shopping Centre in the UK city of Preston from the Mall Fund. The investment volume of £90 mln (EUR 99.8 mln) reflects a yield of around 7.75%.

Aviva Investors Property Trust (APIT) has acquired the St Georges Shopping Centre in the UK city of Preston from the Mall Fund. The investment volume of £90 mln (EUR 99.8 mln) reflects a yield of around 7.75%.

Capital & Regional, which as an interest of 16.7% in the Mall Fund, said the price also reflected a premium to valuation at end-December 2009.

St Georges Shopping Centre has a mix of around 100 independent and high-street retailers including Marks & Spencer, Burtons / Dorothy Perkins, New Look, Peacocks and H&M. Pinsent Masons partner Richard Daffern who led the legal team said: 'This is a great acquisition for the fund as this is the prime scheme in Preston, a UK top 40 City. The transaction was completed in less than a month.'

International law firm Pinsent Masons and property consultants Lunson Mitchenall advised APIT. CBRE advised The Mall.