"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
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:
| 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 |
| 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 |