The Mall Buys Preston Shopping Centre for $180M

LONDON-Capital & Regional’s town centre retail fund, the Mall, has paid £102.5 million ($180 million) for the St George’s Shopping Centre in Preston, Lancashire. This is the 17th shopping centre bought by the fund, and brinks its total portfolio to £1.4 billion ($2.5 billion).The St George’s Shopping Centre is Preston’s main covered shopping destination. The centre opened in 1964 and previous owner Legal & General spend £23 million ($40 million) on a major refurbishment in 2000, which increased the floorspace to 270,000 sf. The centre now has around 106 retail units with tenants including Marks & Spencer, H&M, Arcadia, New Look, WH Smith and Clinton Cards. The Mall chief executive, Ken Ford, says: “St George’s is another excellent purchase for the Mall. The council’s exciting redevelopment plans for the Tithebarn area are planned to ensure that central Preston remains one of the most important and vibrant retail offers in the region. We will be working hard to ensure the Mall makes a meaningful contribution to this.”Strutt & Parker advised the Mall and DTZ Debenham Tie Leung advised Legal & General.