X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-The Mall Fund, Capital & Regional’s town centre retail fund, has broken the £1.5 billion ($2.8 billion) barrier with the purchase of the 320,000-sf Galleries shopping centre in Bristol from Norwich Union. Norwich Union–one of the founders of the Mall–has taken units in the fund as payment. The Galleries in Bristol was developed in the early 1980s. It has over 100 tenants including Argos, Boots the Chemist, Woolworths, Virgin Megastore, Gap and Mk One. According to Mall chief executive Ken Ford, the scheme is poised to benefit from the regeneration of the adjoining Broadmead shopping centre where the Bristol Alliance plans a major new covered centre anchored by Marks & Spencer.The deal means the Mall now owns 18 UK shopping centres with a combined floorspace of 5.5 million sf. The aggregate value of the fund is now £1.5 billion ($2.8 billion). And fund manager Philip Nell expects it to grow further. “The new equity that this acquisition brings will enable the fund to continue towards delivering its goal of growing to at least 25 centres,” he says.Strutt & Parker, Nabarro Nathanson and Berwin Leighton Paisner advised the Mall.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.