Aviva buys Preston shopping centre for £87m

  Property asset manager Capital & Regional today announced that the Mall Fund has completed the sale of St George’s Shopping Centre in Preston to Aviva Investors Property Trust for £87m, reflecting an initial yield of 7.64%.   The sale price reflects a premium to the 31 December 2009 valuation.   Capital & Regional has an interest of 16.7% in the Mall Fund.   Law firm Pinsent Masons and Lunson Mitchenall advised APIT.   Pinsent Masons partner Richard Daffern who led the legal team said: “This is a great acquisition for the fund as this is the prime scheme in Preston, a UK top 40 City. The transaction was completed in less than a month.”   Investment agent Guy Harrison of Lunson Mitchenall said: “The scheme is well let and provides strong income flow. It will also benefit from asset management initiatives that can enhance performance for the purchaser.”   CBRE advised The Mall. james.buckley@estatesgazette.com