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Capital & Regional has completed the sale of two shopping centres, including The Pavilions in Uxbridge, for a combined consideration of £152.5m.

The Gracechurch Centre was sold to M&G Real Estate for £88m representing an initial yield of 7.75 per cent.

The Mall Fund, owned by Capital & Regional, has also sold The Pavilions in Uxbridge to LaSalle Investment Management for £64.5m, representing an initial yield of 7.7 per cent.

Following the disposals, the fund's debt will be reduced to about £383m.

The sales mark the completion of the strategy to dispose of non-core shopping centres to reduce the debt in the Mall to a level which can be refinanced on more attractive terms.

The Mall has six remaining assets, comprising more than 3m sq ft.

Capital & Regional chief executive Hugh Scott-Barrett said: "The disposal of the two schemes is a key moment in deleveraging The Mall. The sales significantly increase our options for the refinancing of the CMBS.

"We believe that the six remaining centres, with creative asset management from our highly skilled and experienced specialist teams, offer the potential to deliver growth in income and attractive capital returns."