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LONDON-Isis Property has injected its Castle Mall shopping centre in Norwich, Norfolk, into the Mall Fund, the limited partnership set up by Capital & Regional and Morley Fund Management. The deal values the centre at £115 million ($185 million) and Isis has taken units in the fund to this value, giving it a 19.8% stake. At the same time Capital & Regional’s interest has been diluted from 45.8% to 36.7%.

The deal takes the Mall Fund’s portfolio to over £1.1 billion ($1.75 billion) in 14 locations throughout the UK. Isis is the fourth institutional investor in the fund, joining Prudential; the Hanson Industrial Pension Scheme and Norwich Union.

Castle Mall was developed by Isis Property (then Friends Provident) in 1993. It comprises 400,000 sf in 80 units and is the only existing mall in Norwich city centre. Key tenants include Virgin Megastore; Boots; H&M; Oasis; New Look and Argos as well as an 8-screen Ster Century cinema and a 920 space car park.

Richard Kirby, Director of Property Funds at Isis Property said: “Castle Mall is one of our most successful shopping and leisure destinations in the region, but it is also one of the fund’s largest single assets. It is in policyholders’ interest for us to invest in a spread of assets, ensuring that we are not overly exposed in one property or area. Moving Castle Mall into The Mall Fund allows us to achieve this while continuing to maintain a strong presence in the buoyant shopping centre market and retaining an indirect interest in the future performance of Castle Mall.”

Isis Property was advised by Strutt & Parker and Dalgleish advised The Mall.

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