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 | 6 | 2.44 |
| Superdrug | 11 | 2.07 |
| Clinton Cards | 26 | 2.03 |
| WH Smith | 11 | 2.01 |
| New Look | 14 | 1.86 |
| BHS | 5 | 1.83 |
| Peacocks | 13 | 1.76 |
| Argos | 10 | 1.75 |
