A KEY shopping centre in Middlesbrough has been sold in a multi-million pound deal.
Last month it emerged that The Mall Middlesbrough and The Alhambra Centre in Barnsley were to fall under the ownership of real estate fund manager F&C REIT (real estate investment trust) for a total sum of £108.1m.
Yesterday The Mall confirmed the deal had been sealed and said its new owner was planning to pump money into the centre to make it more attractive to shoppers. A spokesperson for the centre said: “Hopefully people will begin to see investment coming in, in different capacities.
“They are looking at different options at the moment and together we will decide the best way forward.”
F&C REIT would not say how much money it intended to invest in The Mall.
But a spokesperson for the company said planning approvals had been secured to extend the centre and make shop fronts more visible to passers-by.