The Mall generated a total return of 5.75% for investors in third quarter of 2004

Article date: 26 November 2004

- 32.1% return over last 12 months

- Portfolio now totals over £2 billion

The Mall, the owner and operator of community shopping centresin the UK has provided a total return of 5.75% for its investorsduring its third Quarter in 2004 (July-September).

The fund has outperformed (on a geared basis) the IPD QuarterlyIndex for Shopping Centres by 1.45 percentage points over thequarter. The fund has seen a rise of 15.9% in net asset value inthe first 9 months of 2004 and has provided a total return toinvestors over the last 12 months of 32.1%.

The Mall continues to expand its portfolio across the UK and inAugust purchased three shopping centres from clients of REIT AssetManagement – Blackburn, Middlesbrough and Maidstone –for £378.5 million. The Mall now owns 21 shopping centres bringingtotal assets to just over £2 billion and more than 7m sqft ofretail floorspace. More than 3,750,000 customers are welcomedthrough its doors every week.

The Mall is the brand name of The Mall Fund, the investmentvehicle established by clients of Morley Fund Management andCapital and Regional plc in 2002.

Philip Nell, fund manager for The Mall at Morley FundManagement, commented: "The third quarter of 2004 has once againbeen a very strong period of performance for The Mall Fund. Notonly have we acquired a further £380m of property, but we have alsosucceeded in our aim of delivering significant out-performance toour investors. The fund now has 27 investors."

Institutional investors in The Mall include Hermes PropertyAsset Management, Foreign & Colonial (ISIS), Norwich Union Life& Pensions, The Prudential, ING Real Estate, Scottish WidowsInvestment Partnership and Arlington Property Investors.

About The Mall

  • The Mall is the leading owner and operator of communityshopping centres in the UK. The Mall has assets of over £2bn in 21shopping centres and has plans to grow assets to 25/30 centres,establishing The Mall as the UK’s Community Shopping Centrebrand. Capital & Regional and Morley Fund Management set upThe 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 subsidiaryof the Aviva Group and acts as investment manager for the NorwichUnion range of funds in the UK.
  • The property team at Morley manages in excess of £14.2 billionof UK Property assets (as at 30.09.04), making Morley one of thelargest property fund managers in the UK. The team consists of 60investment professionals and manages a range of funds, includingsegregated and pooled pensions as well as 2 retail unittrusts.

* Not including mortgage assets

For further information, pleasecontact:
Laura Cook, Corporate CommunicationsExecutive 020 7809 8125
Morley Fund Management

Notes

  • This press release is intended for institutional investors andprofessional advisers only. The Fund is not available to privateinvestors.
  • Past performance is not a guide to the future.
  • Issued by Morley Fund Management, the UK distributor of theFund
  • Contact us at Morley Fund Management, No. 1 Poultry, LondonEC2R 8EJ.
  • Telephone calls may be recorded for training and monitoringpurposes.
  • Morley Fund Management is a business name of Morley FundManagement Limited, registered in England No. 1151805. A member ofthe Norwich Union Marketing Group, members of which are authorisedand regulated in the UK by the Financial Services Authority forlife assurance, pensions and investments. Registered Office: No. 1Poultry, London EC2R 8EJ. A member of the Investment ManagementAssociation.
  • Morley Fund Management is also a business name of MorleyInvestment Services Limited and Morley Fund ManagementInternational Limited. All are Aviva companies.

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