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Capital & Regional Sells Mall Portfolio To New Limited Partnership

LONDON-Capital & Regional has continued its transformation from property company into asset manager with the proposed sale of its shopping centre portfolio to a new fund set up as a limited partnership with Morley Fund Management. It has already made a similar move with its out-of-town portfolio.

By Graham Parker | Updated on January 29, 2002

LONDON-Capital & Regional has announced plans to sell all eight of its shopping centres for £467 million ($655 million) to The Mall Limited Partnership, a new £670 million ($945 million) fund to be formed with Morley Fund Management, a subsidiary of the insurance giant CGNU. Morley will inject three shopping centres worth £189 million ($265 million) into the fund.

Both partners will then invest £170 million ($240 million) in return for a 50% stake. Capital & Regional will act as property and asset manager with Morley acting as fund manager. The two already have a similar arrangement, formed late last year, to handle what they intend to become a £1.2 billion ($1.7 billion) portfolio of retail parks, which will all be operated under The Junction brand.

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