The Capital & Regional asset-managed Mall Fund’s underlying valuation has risen by 1% over the quarter.
The fund is now valued at £684.7m, reflecting a net initial yield of 6.8% following the like-for-like rise.
According to C&R’s quarterly Mall Fund valuation for the three months to the end of December, the main cause of the rise was improving property values.
The vehicle’s units have also risen in value – up by 3.5% from 36.2p at the end of September to 37.5p.
C&R currently owns 29.3% of the fund after buying in close to 10% of units from a number of investors including APG and Friends Life at the end of last year.
C&R chief executive, Hugh Scott-Barrett, said: “Our confidence in the Mall and the opportunities its portfolio of dominant community shopping centres presents for future growth is underpinned by the improving property values shown in this valuation.”
bridget.oconnell@estatesgazette.com
