Shopping centres: The Mall

"The adverse effects of the financial market on The Mall business have, in part,
been mitigated by the continuing operational and financial outperformance
of our centres."
 
                                                                   Kenneth Ford, Chief Executive, The Mall

What is The Mall?

The Mall is the UK's Community Shopping Centre Brand. The Mall Fund owns and operates approximately 10% of the UK's covered retail space making it the largest portfolio of branded shopping centres in the UK. It is managed by a dedicated team of 74 from Capital & Regional's Mall Corporation.

The Fund was formed in March 2002 with just two investors - the Capital & Regional Group and clients of Aviva Investors Global Services Ltd. New investors have come in as the portfolio has expanded. The fund now has 50 investors, including three overseas institutions.

Our Malls have all been acquired under the following investment criteria:

  • Town centre locations.
  • Dominant in localised town catchments or strong in metropolitan catchments.
  • Minimum 150,000 sq ft lettable area.
  • Car park or public transport facilities.
  • Covered, or able to be.
  • Tenant profile "mass market" or "value" retail.
  • Revenue and capital growth potential.
  • Value adding management opportunities.


The Mall key statistics


  At 30 December 2007  At 30 December 2006 
     
Gross property asset value £3,016m  £3,125m 
Number of properties 24  23 
Number of units 2,504  2,404 
Initial property yield  4.84%  4.56% 
Equivalent yield 5.69%  5.21% 
C&R share 24.2%  24.2% 
Total debt (excl. amortised costs) £1,698m  £1,504m 

 

Top five Mall tenants by rental income (2007)


  No of units  % of rent 
     
Arcadia 41  3.53 
Boots  21  3.28 
Clinton Cards 34  2.44 
Superdrug 19  2.05 
New Look 17  2.02 

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