LONDON (ShareCast) - Retail property group Capital & Regional (C&R) has refinanced a fund that it founded with Aviva Investors, paving the way for more investment in its UK shopping centres.

C&R said The Mall Fund had entered a new five-year secured banking package comprising a £350m term loan from Morgan Stanley and extra £25m capital spending pot, which it said would provide substantial flexibility to continue capital investment to improve returns available from fund assets.

Chief Executive Hugh Scott-Barrett said: "This refinancing has been achieved at a very attractive all-in cost against the current initial yield of 6.7% produced by The Mall Fund's assets."

C&R acts as a property and asset manager for The Mall Fund and holds 29.3% of the fund.

PW

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE