Published: 00:01, 23 June 2014 |
Updated: 14:03, 23 June 2014
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 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.
Every morning at 10am we play you an hour of tunes from the 90s. We call it, #WeLoveThe90s.
Play 'Say It' with Garry and Laura on kmfm Breakfast and you could win £1,000!
Wake up to kmfm Breakfast with Garry and Laura - it's Kent's alarm call.
Your No1 guide to getting married in Kent. From dresses to discos and venues to veils, we've got everything you could possibly need for your big day
Education, Training & Childcare is a special supplement published by KM Media Group four times a year. Click here for latest e-edition.
A guide for your future. For year 11 students in Kent and Medway. Click here for the e-edition.
Get the latest food and drink news, recipes from some of the nation's top chefs plus updates from Kent's vineyards and breweries.
Search in your local area to find your perfect partner in Kent, with FreshStart Dating!
PLUS, register for free!.
Read our pick of the best holiday destinations. Whether its a weekend break, or something a little bit longer, we have reviewed a wide range of holidays.