Share

Home   Kent Business   County News   Article

Capital & Regional to take 91.82% stake in the Mall Chequers shopping centre parent company the Mall Fund in a deal worth £213m

23 June 2014
by Chris Price

A retail property company is set to take a 91.82% stake in the company which owns the Mall Chequers shopping centre in Maidstone in a deal worth £213m.

Capital & Regional has announced a conditional agreement to take over insurance firm Aviva’s £52.04% stake and internet provider Karoo’s 10.52% stake in the Mall Fund.

The deal is subject to shareholder approval next month and will be funded by available cash resources and the release of new shares in the business, which is expected to raise about £165m.

The Mall Chequers shopping centre in Maidstone

The Mall Chequers shopping centre in Maidstone

The company believes the acquisition will help position it as the dominant community shopping centre owner in the UK.

The Mall in Maidstone has 538,000sqft of shopping space over three floors in the town centre and includes a Boots, BHS, New Look, Sportworld and Wilkinson.

Capital & Regional chairman John Clare said: “We believe the acquisition and capital raising represents a transformational milestone in Capital & Regional’s plans to deliver long term growth and, in due course, achieve its objective of becoming the leading dominant community shopping centre real estate investment trust in the UK.

“It also enables the group to accelerate delivery of asset management and development initiatives to unlock further value from the portfolio, taking advantage of the improving economic and retail environment to generate attractive income and capital growth for investors.”

As well as owning the Mall Chequers in Maidstone, the Mall Fund owns shopping centres in Camberley, Luton, Blackburn, Wood Green and Walthamstow.

Click here for more news from Kent Business.

Click here for more news from around the county.

Comments 

Forgotten Password?

Forgotten Username?

Don't have an account? Please Register first!

The KM Group does not moderate comments.
Please click here for our house rules.

Thank you. Your comment has been received and will appear on the site shortly.

 

Terms of Comments
We do not actively moderate, monitor or edit contributions to the reader comments but we may intervene and take such action as we think necessary, please click here for our house rules.. If you have any concerns over the contents on our site, please either register those concerns using the report abuse button, contact us here, email multimediadesk@thekmgroup.co.uk or call 01634 227989.