Capital & Regional’s shopping centre fund The Mall has bought St George’s Shopping Centre in Preston, Lancashire, from Legal & General for £102.5m.
The 270,000 sq ft (25,083 sq m) scheme was built in 1964 and is Preston’s main covered shopping centre.
In 2000 the centre doubled in size as a result of a £23m refurbishment and expansion programme.
St George’s has around 106 shops and tenants include Marks & Spencer, H&M, Arcadia, New Look, WH Smith and Clinton Cards.
Bidders for the scheme are understood to have included Scottish Widows Investment Partnership, Dawnay Day, the Manchester-based private property company Park Lane Estates, Boultbee Land and Simon Halabi’s Buckingham Securities.
Grosvenor, which is developing the nearby Tithebarn scheme designed by Sir Terry Farrell, is also understood to have made a bid.
The Preston purchase brings The Mall’s current portfolio to £1.425bn invested in 17 shopping centres.
Strutt & Parker advised The Mall while DTZ Debenham Tie Leung advised Legal & General.
References: EGi News 17/05/04
