The Mall, Morley and Capital & Regional’s (C&R) shopping centre fund, is buying the Gracechurch Centre, Sutton Coldfield, for around £104m.
It has paid £52m to acquire a 50% interest in the centre’s freehold from Baffin and has entered into an agreement to buy the remaining 50% from Scottish Amicable Life Assurance Society for a similar amount.
The deal with Baffin represents a yield of of 7.32%.
The 532,000 sq ft (49,423 sq m) Gracechurch Centre is the 13th shopping centre to be bought by the Mall Fund.
The Mall has assets of around £930m, and plans to increase its assets to around £2bn by acquiring up to 30 more shopping centres.
EGi News 04/02/03
