LONDON-The Mall Fund has bought three regional shopping centers from REIT Asset Management for euro 565.2 million ($697.6 million) at a net initial yield of 5.7% and an equivalent yield of 6.5%. The three shopping centers are located in Blackburn, Maidstone and Middlesbrough. Chequers Shopping Centre in Maidstone comprises 500,000 sf with 80 shops. The 400,000-sf Cleveland Shopping Centre in Middlesbrough has 85 stores and a 500-space car park. The Blackburn Shopping Centre comprises 535,000 feet with more than 100 shops.

The Mall now owns 21 shopping centers with a total asset value of euro 3 billion ($3.6 billion) and more than seven million sf of retail floor space. This makes it the second largest shopping centre owner in the UK terms of number (behind Prudential) and size (behind Capital Shopping Centres).

According to Ken Ford, chief executive of the Mall, this latest buy fits in with “our investment criteria” in that they are “dominant covered centers in loyal catchments and with significant operational and added value potential.”

In April of this year, the Mall bought the Eastgate Shopping Centre in Gloucester, from Canterbarn, one of Catalyst Capital LLP’s joint-venture vehicles, for euro 59.7 million ($74 million). Refurbished in 1995, Eastgate Shopping Centre provides roughly 290,000 sf of retail and ancillary accommodation. Tenants include H&M Hennes, M&S, Woolworths and Specsavers.

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