Hermes Property Asset Management has injected£35 million into Capital & Regional's Mall Limited Partnership.
The investment was made on behalf of the Royal Mail Pension Plan and follows the completion of Hermes'£49 million sale of the 190,000 sq ft (17,650 sq m) Marlands Shopping Centre in Southampton, to the fund.
Hermes is the third institution this year to invest in The Mall Fund.
The Prudential invested£31.2 million in April, and in September ISIS Property invested£115 million in the form of The Castle Mall, Norwich. Capital & Regional founded the fund in partnership with Morley Fund Management. The latest sale of units dilutes Capital & Regional's stake from 36.7 per cent to 24.7 per cent.
The Mall Fund has assets of about£1.17 billion in 15 shopping centres throughout the UK, covering more than 4.7 million sq ft (436,630 sq m)of retail space. It is on track to reach its goal of growing assets to£2 billion in as many as 30 separate locations, which will make it one of the biggest owners of shopping centres in the UK.
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