The Mall Buys the Marlands

LONDON-The Mall Corporation, the rapidly-expanding shopping centre fund run by Capital & Regional and Morley Fund Management, has bought the Marlands shopping centre in Southampton from Hermes for £49 million ($83 million).

The Marlands shopping centre offers 190,000 sf of retail in 48 stores over two floors linked via Asda to the 800 space Marlands Car Park. Retailers at the centre include a new two-level 60,000-sf) Matalan store, a three-level 10,000-sf Legends store, the Entertainer, Girl Heaven, the Pier, Bay Trading, West One, Cargo Homeshop and AV.

The purchase includes adjacent properties at 71/97 Above Bar Street which Hermes recently acquired. Following the recent acquisition of Castle Mall in Norwich, the Marlands will become the 15th centre in The Mall’s portfolio taking assets to £1.12 billion ($1.9 billion).

Ken Ford, Chief Executive of The Mall, said: “The Mall will reposition Marlands to become the city’s community shopping centre with both a strong local and national retail offer.”

Strutt & Parker and Blair Kirkman advised The Mall. Hermes was advised by CB Richard Ellis.