The funds were launched in 1998 and 2000 and managed on behalf of HSBC by Ashcroft Estates. The properties involved are in Cramlington, near Newcastle; Dalston, East London; Dunstable, Bedfordshire; Haywards Heath, East Sussex; Kidderminster, Worcestershire; Port Talbot and Bridgend, South Wales; Hull, Yorkshire; Torquay, Devon; Yate near Bristol and Yeovil, Somerset.

The shopping centres range in size from 95,000 to 300,000 sf and between them contain over 1.9 million sf, 95% of which is retail. Over 700 tenants--including Boots; Marks & Spencer; WH Smith; Next; Dixons; Sainsburys and Tesco--pay rents totaling £24 million ($38 million) and service charges totaling £6 million ($10 million) per annum.

CIT Director Matt Horgan said: "With broad diversification by geography and tenant, low starting rents and low vacancy levels, we believe the portfolio is defensive in nature, yet has the potential to deliver superior returns.

Senior financing for the acquisition was provided by Deutsche Bank. DTZ acted on behalf of CIT, and DTZ's shopping centre team has been retained as property managers for the entire portfolio. Jones Lang LaSalle acted on behalf of HSBC.