Rainbow Rare Earths CEO George Bennett makes the investment case for #RBW at London South East. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE
David Minchin, Helium One CEO outlines Rukwa Phase 2 at London South East live event
David Minchin, Helium One CEO outlines Rukwa Phase 2 at London South East live eventView Video
Shaun Day, Greatland CEO gave an upbeat presentation to over 800 London South East investors
Shaun Day, Greatland CEO gave an upbeat presentation to over 800 London South East investorsView Video

Latest Share Chat

IN BRIEF: Capital & Regional restructures and reduces debt

Thu, 14th Oct 2021 11:33

Capital & Regional PLC - London-based mall owner controlled by Johannesburg-based blue-chip property firm Growthpoint Properties Ltd - Says it has reached an agreement with its lenders to restructure and reduce the debt secured over its four mall assets, including the launch of a fully underwritten open offer to raise GBP30.0 million.

Growthpoint Properties separately says it has underwritten the GBP30.0 million open offer at an issue price of 56 pence per share and will fund its commitment with existing debt facilities.

The mall facility currently comprises a GBP265 million debt facility with RBS and TIAA.

In 2019, Growthpoint took control of debt-laden Capital & Regional for GBP150 million.

"These proposed transactions, which will recapitalise the balance sheet, allow us to achieve just that and represent a significant and positive step forward for the Group. They will allow us to once again focus fully on continuing our repositioning and merchandising, while looking at how we can best leverage the expertise in our platform and, in due course, the reintroduction of cash dividends," said Capital & Regional boss, Lawrence Hutchings.

Current London C&R stock price: 55.94 pence, down 2.6%

Year-to-date change: down 20%

Current Johannesburg C&R stock price: ZAR11.20, down 5.4%

Year-to-date change: down 26%

Current Growthpoint stock price: ZAR13.82

Year-to-date change: up 9.9%

By Greg Roxburgh; gregroxburgh@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

Related Shares

More News

IN BRIEF: Capital & Regional restructures and reduces debt

IN BRIEF: Capital & Regional restructures and reduces debt

14 Oct 21 11:33

SMALL-CAP WINNERS & LOSERS: Norcros ups outlook; Sabre profit warning

SMALL-CAP WINNERS & LOSERS: Norcros ups outlook; Sabre profit warning

14 Oct 21 11:06

Capital & Regional to raise £30m as part of mall debt restructure

(Sharecast News) - Convenience-focussed commercial property investor Capital & Regional said on Thursday that it has agreed with its lenders to restructure and reduce the debt secured over its four mall assets, including the launch of a fully underwritten open offer to raise £30m.

14 Oct 21 07:41

Capital & Regional enters new partnership as net rental income falls

(Sharecast News) - Capital & Regional reported net rental income of £13.4m in its first half on Thursday, down from £15.2m year-on-year, as it also announced a new residential development partnership.

9 Sep 21 10:37

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.