Capital & Regional PLC - London-based real estate investment trust focused on community shopping centres - Sells The Mall, Blackburn to the retail arm of the Adhan Group of Companies for GBP40 million in cash. This represents a premium to the December valuation of GBP38.2 million. The sale, which is subject to local authority freeholder consent, is expected to conclude around the end of June.
The Mall contributed about GBP3.7 million to the group's total net rental income of GBP29.0 million for the year ended December 30.
"The sale of The Mall, Blackburn at a premium to its December 2021 valuation provides further evidence of the stabilisation of asset values as well as renewed investor confidence in the sector and allows us to make another material reduction to group leverage," Capital & Regional Chief Executive Lawrence Hutchings says.
London current stock price: 61.80 pence, up 1.3% on Tuesday
12-month change: down 27%
Johannesburg current stock price: ZAR11.00, unchanged on Tuesday
12-month change: down 33%
By Artwell Dlamini; artwelldlamini@alliancenews.com
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Capital & Regional (CAL)