Article date: 19 June 2008
The Mall Fund has today agreed to sell three assets to the Carlyle Group for £286 million, representing an initial yield of 6%.
The properties are shopping centres in Chester, Epsom and Edgware, with the sale expected to complete in early July.
Morley's Karen Fox, fund manager for the Mall Fund, said: "The proceeds from the sale will be available to reduce gearing in the Fund, further strengthening its financial position following the successful open offer which went unconditional earlier today.
"The managers are now able to totally focus on driving forward performance from a position of far greater financial strength".
For more information contact:
Morley Corporate Communications
Telephone: +(44 (0)20 7809 8618
Notes to editors:
The Mall Fund is an unregulated collective investment scheme for the purpose of the UK Financial Services and Markets Act. Information regarding the scheme is therefore intended only for those to whom the scheme can be promoted under the Act. As this is an unregulated collective investment scheme all or most of the protections provided by the UK regulatory system do not apply and compensation under the Financial Services Compensation Scheme will not be available. Information regarding the scheme should not be regarded as constituting an offer to invest.