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LONDON-Hermes Property Asset Management has injected £35 million ($61 million) into Capital & Regional’s Mall Limited Partnership. The investment was made on behalf of the Royal Mail Pension Plan and follows completion of Hermes’ £49 million ($85 million) sale of the 190,000 sf Marlands Shopping Centre, Southampton, to the fund.

Hermes is the third institution to invest in The Mall Fund this year. The Prudential invested £31.2 million ($54 million) in April and ISIS Property recently invested £115 million ($200 million) in the form of The Castle Mall, Norwich in September. This latest transaction has diluted Capital & Regional’s share of the Mall fund from 36.7% to 34.7%.

The Mall Fund currently has assets of approximately £1.17 billion ($2 billion) in 15 shopping centres throughout the UK covering over 4.7 million sf of retail space. The Mall Fund is on track to achieve its goal to grow assets to £2 billion ($3.5 billion).

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