LONDON-Capital & Regional plc says that the Mall Fund has completed the disposals of The Gracechurch Centre, Sutton Coldfield, and The Pavilions, Uxbridge, for a combined price of $231 million (£152.5M).
The Gracechurch Centre, Sutton Coldfield was acquired by M&G Real Estate for $133 million (£88M) representing a yield of 7.75%. The Pavilions, Uxbridge was sold to clients of LaSalle Investment Management for $97.5 million (£64.5M), representing an initial yield of 7.70%.
Following these disposals the fund's debt will be reduced to around $579 million (£383) and the proforma LTV to 57%.
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