Search
 

The Mall Buys Preston Shopping Centre for $180M

LONDON-The Mall, the town centre retail fund managed by Capital & Regional, has bought St George's Shopping Centre in Preston, Lancashire from Legal & General for $180 million.

By Graham Parker | Updated on May 17, 2004

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.