Standard Life investments has sold a Somerset shopping centre and scrapped the sale of its mall in Crawley.

It has sold the Old Market centre in Taunton for around £50m, reflecting an equivalent yield of 6.35%, to Kirkstone Property Ventures.

The new company was launched by former Stannifer directors Paul Blyth and Gavin Munn. It carried out its debut purchase with backing from JP Morgan Asset Management.

The 140,000 sq ft centre is Taunton’s primary mall, and has asset management and redevelopment opportunities.

Kirkstone and JP Morgan were advised by King Sturge. The Royal Bank of Scotland provided debt financing.

Standard Life has scrapped the sale of its stake in the County Mall Shopping Centre in Crawley.

It put the £235m centre on the market in October, but has decided to retain ownership, following a lack of interest at the £235m price. The price was thought to equate to a 5.5% yield.

Mike Hannigan, property fund manager at Standard Life, said: ‘The asset was in the linked fund, which had been under pressure to sell assets due to the levels of redemptions we received.

‘However, the levels of redemptions have now fallen and we are no longer under pressure to sell.’