The Mall, the owner and operator of community shopping centres in the UK has provided a total return of 5.75% for its investors during its third Quarter in 2004 (July- September).
- 32.1% return over last 12 months
- Portfolio now totals over £2 billion
The Mall, the owner and operator of community shopping centres in the UK has provided a total return of 5.75% for its investors during its third Quarter in 2004 (July-September).
The fund has outperformed (on a geared basis) the IPD Quarterly Index for Shopping Centres by 1.45% points over the quarter. The fund has seen a rise of 15.9% in net asset value in the first nine months of 2004 and has provided a total return to investors over the last 12 months of 32.1%.
The Mall continues to expand its portfolio across the UK and in August purchased three shopping centres from clients of REIT Asset Management – Blackburn, Middlesbrough and Maidstone – for £378.5 million. The Mall now owns 21 shopping centres bringing total assets to just over £2 billion and more than 7m sq ft of retail floorspace. More than 3,750,000 customers are welcomed through its doors every week.
The Mall is the brand name of The Mall Fund, the investment vehicle established by clients of Morley Fund Management and Capital and Regional plc in 2002.
Philip Nell, fund manager for The Mall at Morley Fund Management, commented: "The third quarter of 2004 has once again been a very strong period of performance for The Mall Fund. Not only have we acquired a further £380m of property, but we have also succeeded in our aim of delivering significant out-performance to our investors. The fund now has 27 investors."
Institutional investors in The Mall include Hermes Property Asset Management, Foreign & Colonial (ISIS), Norwich Union Life & Pensions, The Prudential, ING Real Estate, Scottish Widows Investment Partnership and Arlington Property Investors.
About The Mall
- The Mall is the leading owner and operator of community shopping centres in the UK. The Mall has assets of over £2bn in 21 shopping centres and has plans to grow assets to 25/30 centres, establishing The Mall as the UK’s Community Shopping Centre brand. Capital & Regional and Morley Fund Management set up The Mall Fund in 2002.
- Shopping as it should be
- For further information, visit www.themall.co.uk
Morley Fund Management
- Morley Fund Management ('Morley') is an independently managed, London based, asset management business with over £118 billion* under management (as at 30.09.04). It is a wholly owned subsidiary of the Aviva Group and acts as investment manager for the Norwich Union range of funds in the UK.
- The property team at Morley manages in excess of £14.2 billion of UK Property assets (as at 30.09.04), making Morley one of the largest property fund managers in the UK. The team consists of 60 investment professionals and manages a range of funds, including segregated and pooled pensions as well as 2 retail unit trusts.
* Not including mortgage assets
For further information, please contact:
Laura Cook, Corporate Communications Executive 020 7809 8125
Morley Fund Management
Notes
- This press release is intended for institutional investors and professional advisers only. The Fund is not available to private investors.
- Past performance is not a guide to the future.
- Issued by Morley Fund Management, the UK distributor of the Fund
- Contact us at Morley Fund Management, No. 1 Poultry, London EC2R 8EJ.
- Telephone calls may be recorded for training and monitoring purposes.
- Morley Fund Management is a business name of Morley Fund Management Limited, registered in England No. 1151805. A member of the Norwich Union Marketing Group, members of which are authorised and regulated in the UK by the Financial Services Authority for life assurance, pensions and investments. Registered Office: No. 1 Poultry, London EC2R 8EJ. A member of the Investment Management Association.
- Morley Fund Management is also a business name of Morley Investment Services Limited and Morley Fund Management International Limited. All are Aviva companies.