The deal takes the Mall Fund's portfolio to over £1.1 billion ($1.75 billion) in 14 locations throughout the UK. Isis is the fourth institutional investor in the fund, joining Prudential; the Hanson Industrial Pension Scheme and Norwich Union.

Castle Mall was developed by Isis Property (then Friends Provident) in 1993. It comprises 400,000 sf in 80 units and is the only existing mall in Norwich city centre. Key tenants include Virgin Megastore; Boots; H&M; Oasis; New Look and Argos as well as an 8-screen Ster Century cinema and a 920 space car park.

Richard Kirby, Director of Property Funds at Isis Property said: "Castle Mall is one of our most successful shopping and leisure destinations in the region, but it is also one of the fund's largest single assets. It is in policyholders' interest for us to invest in a spread of assets, ensuring that we are not overly exposed in one property or area. Moving Castle Mall into The Mall Fund allows us to achieve this while continuing to maintain a strong presence in the buoyant shopping centre market and retaining an indirect interest in the future performance of Castle Mall."