Our Portfolio
The Mall
The Mall Fund is the specialist UK community shopping centre brand, owning nine properties with a total lettable space of over 4.6 million square feet and home to over 1,000 retail units.
The fund is managed by CRPM as asset and property manager with Aviva Investors fulfilling the regulated fund management role. Investors hold units in a Jersey Property Unit Trust (JPUT) which allows exposure to a diversified portfolio of properties without direct investment and the ability to transfer units without incurring Stamp Duty Land Tax.
The key characteristics of the shopping centres are:
- Town Centre locations
- Dominant in the local community
- Affordable rents
- Minimum of 250,000 sq ft lettable area
- Ownership of car parking and good public transport facilities
- Mass market or value retail
Fund Valuations
|
at 31 March 2012 |
At 31 December 2011 |
at 30 September 2011 |
at 30 June 2011 |
|
|---|---|---|---|---|
| Valuation | £952,344,469 | £970,694,360 | £977,894,178 | £1,095,944,178 |
| Initial Yield | 6.94% | 7.02% | 6.92% | 6.98% |
The Mall key statistics
| At 30 December 2011 | At 30 December 2010 | |
|---|---|---|
| Property value at independant valuation | £971m | £1,128m |
| Number of properties | 9 | 12 |
| Passing rent (like for like) | £78m | £77m |
| Initial yield | 7.02% | 6.98% |
| Property return level | 6.2% | 18.9% |
| Occupancy (like for like) | 97.2% | 96.5% |
| Loan to value ratio | 69% | 73% |
| Net debt to value ratio | 56% | 60% |
| C&R share | 18.16%* | 16.72% |
*Increased to 20.15% after year end
Top 10 Mall tenants by rental income (December 2011)
| % of rent | |
|---|---|
| Alliance Boots | 4.9 |
| Debenhams | 2.6 |
| BHS | 2.4 |
| Primark | 2.3 |
| Peacocks | 2.2 |
| Argos | 2.1 |
| Superdrug | 2.1 |
| Arcadia | 2.1 |
| Clinton Cards | 2.1 |
| New Look | 2.0 |