AN investment company is behind the £100million-plus move to buy Blackburn shopping centre.

London-based The Mall group has snapped up 17 shopping centres since being formed three years ago -- most recently the St George's Centre in Preston.

The name of the firm was confirmed on the agenda of a Blackburn with Darwen Council meeting, due to take place in private this week.

London-based Reit Asset Management, which bought the centre from Standard Life 13 months ago, is close to selling it on after being approached by the prospective buyers.

Reit had plans for a £15million revamp of Lord Square after taking over the 130-shop centre. There are now fears that the revamp could be delayed, although council officials have insisted there should be no major hold-ups, despite any transfer of ownership.

The Mall has been linked to the shopping centre in the past, but a spokesman for the London-based outfit said they had no comment to make at this stage.

The Mall Fund was set up in 2002 and is an investment vehicle for the clients of Morley Fund Management -- part of Aviva, which also owns Norwich Union -- and Capital and Regional PLC.

Both companies invest money on behalf of clients, similar to Standard Life, which also used shopping centres to make money for its investors, and Reit, which bought the shopping centre using cash from an America family and an off-shore trust.

However, unlike Standard Life, which used Blackburn Shopping Centre as a direct asset, and Reit, which buys and sells property as short-term investments, The Mall has been set up to become a long-running, stand alone business.Companies to invest in The Mall have included The Prudential and Norwich Union, with The Mall providing a return to investors each quarter.

The Mall now has assets worth £1.45billion and plans to increase that to nearer £2billion.

A spokesman for Blackburn with Darwen confirmed the item would be discussed on Thursday, with the council expected to approve the transfer of the 125-year lease to The Mall, which has invested heavily in the shopping centres it has acquired.

The council has a 16per cent share in the shopping centre.