Co-investing property asset manager Capital & Regional announced on Monday that the Mall fund has completed the sale of four shopping centres to clients of Rockspring Property Investment Managers at a price of £136 mln (EUR 165 mln), reflecting a net initial yield of 7.5%. The assets were sold at a premium of 6% to their latest appraised value of £128 mln at end-June 2010.
Co-investing property asset manager Capital & Regional announced on Monday that the Mall fund has completed the sale of four shopping centres to clients of Rockspring Property Investment Managers at a price of £136 mln (EUR 165 mln), reflecting a net initial yield of 7.5%. The assets were sold at a premium of 6% to their latest appraised value of £128 mln at end-June 2010.
The centres are the Eastgate shopping centre, Gloucester; the Marlands shopping centre, Southampton; the Liberty 2 shopping centre, Romford and the Howgate shopping centre, Falkirk. Capital & Regional has an interest of 16.7% in the Mall Fund.
The acquisition, which was conditional upon a number of matters, was first announced at the end of June 2010.
Last month, London-based property fund manager Rockspring also acquired four properties for a total sum of £75 mln in London's Midtown (WC1), Shardlow (Derbyshire), Cardiff and Swindon in separate transactions with Prudential Assurance Company, AXA and Prupim.
