The Mall Limited Partnership has continued its acquisitions programme, with the purchase of the Gracechurch Shopping Centre in Sutton Coldfield for£105 million.
In two transactions, the Mall, managed by Capital & Regional and Morley Fund Management, paid Baffin and Prudential Property Investment Managers about£52 million each for their 50 per cent interests in the centre.
The Gracechurch centre opened in 1975 and was refurbished in 1996. At 49,425 sq m, it provides more than 50 per cent of the town's retail offer. Many major high street retailers are present, including Marks & Spencer, Argos, Boots The Chemists, Next and Bhs. Last year's net income was£7.3 million, an equivalent yield of 7.32 per cent.
On top its purchase last month of the Grosvenor Centre in Chester, this deal brings the Mall portfolio to 13 community shopping centres throughout the UK, providing more than 350,000 sq m of retail space.
The Mall chief executive Ken Ford said: 'Sutton Coldfield has a prosperous core shopping population in excess of 100,000 and Gracechurch is the focal point of the town's retail offer.'