What is the Junction?

The Junction is a specialist retail park fund, owning eight retail parks, one development site and one non-core industrial property with a total floor space of approximately 2.3 million square feet. It specialises in mixed use retail parks embracing a variety of uses including food, DIY, homewares, electrical goods and general High Street retailers. The Group holds a 13.3% share in the fund.

The fund's investment criteria are as follows:

• Minimum 80,000 sq ft multi-let retail park, freehold or long leasehold
• Planning consent for open A1 bulky goods or mixed thereof
• Asset management opportunities; and
• Either dominant scheme in local catchment or the ability to become so.

2009 saw a refinancing of the fund with a £63.6m equity raise supported by AREA Property Investors, whilst at the same time integrating the external management services supplied to the Fund by CRPM and Aviva Investors. As with The Mall, investors hold units in a Jersey Property Unit Trust (JPUT) with the same potential investment and tax advantages.