Mall to buy £550m PruPIM shopping centres
The Mall Fund has placed Prudential Property Investment Managers’ four shopping centres under offer for £550m.
The PruPIM portfolio comprises Bradford’s Kirkgate centre, the Arndale centre in Luton, the Belfry Mall in Redhill and the Pavillions in Uxbridge.
The four sites total 1.7m sq ft (158,000 sq m).
The Mall Fund, founded by Capital & Regional and Morley Fund Management, built a relationship with Prudential during its purchase of PruPIM’s £130m Main Square shopping centre in Camberley in February.
The retail investment market shows no signs of stalling.
According to Savills’ latest retail and leisure investment research, 99 shopping centre transactions, with a capital value of £5.7bn, have completed this year.
A further 41 shopping centres, with a capital value of around £2.5bn, including PruPIM’s, are under offer.
Nick Hart, Savills retail investment director, said: ‘In terms of deals transacted, we expect the value to beat last year in capital value but with slightly fewer deals.’