C&R to pursue investment opportunities

Capital & Regional said lettings at The Mall shopping centre in Blackburn have made a significant contribution on its operational performance.

C&R announced in an interim management statement, covering the period from 30 June to 11 November this year, that it had increased occupancy across its Mall, Junction and X-Leisure funds from 94.1% to 94.8% in the six months to 30 September 2010.

Hugh Scott-Barrett, chief executive, said: "Our focus has been on driving improvements in operational performance. Interest in space from retailers is holding up and is reflected in a number of lettings which have driven occupancy and income levels higher.

"We are now beginning to see the expected increase in supply of investment opportunities. We are actively pursuing a number of situations which exploit our skills in managing complex assets and which we believe will deliver attractive returns."

C&R did not dsclose where it will be pursuing investment opportunities when contacted by Place.

Last month, retailers H&M, USC, Infinities and Bank all agreed on 10-year leases at the £60m redevelopment scheme in Blackburn, totalling 30,600 sq ft.

Blackburn with Darwen Council has selected Brown Construction Group to build a new 68,000 sq ft indoor continental market in the ground floor of newly extended Mall.

The 650,000 sq ft Mall is asset managed by Capital & Regional and fund managed by Aviva Investors. The joint letting agents are Montagu Evans and Tushingham Moore.