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LONDON-Capital & Regional Properties has bought the Main Square Shopping Centre in Camberley, Surrey, from Prudential-owned Scottish Amicable Life Assurance Society, for euro 189 million ($241.5 million). Yesterday, it emerged that C&R was buying the former Marks & Spencer headquarters in Baker Street, and last week Capital & Regional announced it was acquiring Kittybrewster Retail Park in Aberdeen. The three deals mean Capital & Regional has spent euro 434 million ($556 million) in two weeks.

Scottish Amicable is also making a further investment in the Mall Fund as part of the Camberley deal. Main Square comprises 360,000 sf on one level and has more than 100 stores. Officials of Capital & Regional, which founded the Mall in conjunction with Morley Fund Management, says it acquired the shopping center from the Prudential-owned Mall Fund. As a result of the acquisition, the firm now has a portfolio of assets of euro 3.3 billion ($4.2 billion) in 22 shopping centers.

Ken Ford, chief executive of the Mall, says the Main Square buy was, "an off-market deal that complements our growing portfolio and brand of community shopping centers across the UK."

And last week Capital & Regional said it was paying euro 77.2 million ($98.5 million) for Kittybrewster Retail Park in Aberdeen on behalf of the Junction Fund. The 140,824-sf deal, with Legal & General, reflects an initial yield of 4.7% and an equivalent yield of 5.8%.

Andrew Lewis-Pratt, chief executive of the Junction, says, "The purchase of Kittybrewster Retail Park is a significant addition to our 3.2-million-sf retail-park portfolio. The purchase reflects our ongoing strategy to enlarge our Junction portfolio by investing in destination retail parks with high development and asset-management potential, particularly those dominant within their catchments."

Instant Insights /

GlobeSt.com UPDATE: Latest Buy Brings Capital & Regional's Tally to $556M

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