Retail Property - Mall Corporation adds Marlands to its portfolio

The Mall Corporation, the rapidly-expanding shopping centre fund run by Capital & Regional and Morley Fund Management, has bought the Marlands shopping centre in Southampton from Hermes for£49 million.

The Marlands shopping centre offers 190,000 sq ft (17,650 sq m) of retail space in 48 stores over two floors.

The purchase includes adjacent properties at 71/97 Above Bar Street, which Hermes recently acquired. Following the recent acquisition of Castle Mall in Norwich, the Marlands will become the 15th centre in The Mall's portfolio, taking assets to£1.12 billion.

Strutt & Parker and Blair Kirkman advised The Mall. Hermes was advised by CB Richard Ellis.