Shopping centres: The Mall

 

What is The Mall?

The Mall fund is a specialist UK mid-market community shopping centre brand, owning 16 properties at 30 June 2010 with a total floor space of 6.4 million square feet.

The fund is run 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 Group holds a 16.7% interest in the fund.

The fund's investment criteria are as follows:

  • Town Centre locations
  • Dominant in localised town catchments
  • Minimum of 250,000 sq ft lettable area
  • Car park and public transport facilities
  • Covered or able to be Tenant profile, mass market or value retail
  • Revenue and capital growth potential

The Mall key statistics


  At 31 March 2010  At 30 June 2010 
   
Gross property asset value £1,201m  £1,168m  
Number of properties 17   16  
Number of units 2,001  1,887  
Initial yield  7.46%   7.00%  
Equivalent yield 8.82%   8.51% 
C&R share 16.7%   16.7% 
Total debt (excl. amortised costs) £1,187m  £1,077m   

 

Top ten Mall tenants by rental income (March 2010)


  No of units  % of rent 
     
Alliance Boots 24  4.25 
Arcadia 25  3.13 
Debenhams 2.44 
Superdrug 11  2.07 
Clinton Cards 26  2.03 
WH Smith  11  2.01 
New Look 14  1.86 
BHS  1.83 
Peacocks 13  1.76 
Argos 10  1.75 

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