Mall in anchor extension talks

Capital & Regional has agreed terms with one of its larger retailers at The Mall Blackburn to extend the store.

Details of the imminent deal were alluded to but not elaborated on in a trading statement on Wednesday to the stockmarket.

The 650,000 sq ft Mall Blackburn is anchored by Debenhams, BHS and Primark. There are around 100 other units occupied by multiple retailers such as Tesco, Next and Top Shop. Lettings agents on The Mall Blackburn are Montagu Evans and Tushingham Moore.

C&R said passing rent across the portfolio of nine Mall shopping centres fell £2.3m from £78m in December 2011 to £75.7m in March 2012 due mainly to administrations among tenants but also the end of short-term Christmas leases. There were 31 administrations in the first quarter. To date in the second quarter there have been a further 17, with Clinton Cards potentially costing £1.4m in lost rent alone but talks with administrators continue. The Mall assets are 95.8% occupied compared to 97.2% in December.

The group said the fund value of the The Mall 'continues to be significantly ahead of its national benchmark'.

Shares were unchanged at 28.5p.