Surging property values have delivered total returns of 32.1% in the year to September for The Mall, a fund which owns £2bn (€2.9bn) of shopping centres, co-managed by Morley Fund Management and Capital & Regional, the quoted property company.

In the third quarter of this year, the fund achieved a total return of 5.75%, after taking account of rental income and a rise in values caused by falling property yields.