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Isis Property Injects Castle Mall Norwich Into The Mall Fund in Pounds 115M Deal

LONDON-Isis Property has sold its 400,000-sf Castle Mall shopping centre in Norwich, Norfolk to Capital & Regional and Morley Fund Management's Mall Fund for pounds 115 million ($185 million). It has taken units in the fund as payment, giving it a 19.8% stake.

By Graham Parker | Updated on September 18, 2003

LONDON-Isis Property has injected its Castle Mall shopping centre in Norwich, Norfolk, into the Mall Fund, the limited partnership set up by Capital & Regional and Morley Fund Management. The deal values the centre at £115 million ($185 million) and Isis has taken units in the fund to this value, giving it a 19.8% stake. At the same time Capital & Regional’s interest has been diluted from 45.8% to 36.7%.

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.

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