Last checked at 30 Dec 2013 07:00
30 December 2013
Capital & Regional plc
("Capital & Regional" or the "Company" or the "Group")
Capital & Regional increases stake in The Mall Fund to 29.26%
Capital & Regional, the specialist retail property company, today announces that it has agreed the acquisition of a total of 30.689 million units in The Mall Shopping Centre Fund ("The Mall Fund"), increasing the Group's holding from 26.0% to 29.26%. Based on 30 September 2013 valuations, these transactions will increase the Group's EPRA Net Asset Value by approximately £0.4 million. The acquisitions will be funded from the Company's existing cash reserves.
The units were acquired through a number of transactions as follows:
· The Company acquired 25.0 million units, representing 2.65% of the total number of units in The Mall Fund, from APG Asset Management, for a consideration of £8.75 million, subject to a potential additional contingent amount that is not expected to be material. Based on the published 30 September 2013 unit value, the net asset value of these units acquired is £9.05 million. Under the terms of the acquisition, Capital & Regional will receive any unpaid income distributions outstanding or made subsequent to completion.
· In addition, the Company has acquired a further 5.689 million units in The Mall Fund from other parties for a total consideration of £1.93 million.
Hugh Scott-Barrett, Chief Executive commented:
"These latest acquisitions of units follow on from the purchases announced on 2 December 2013 and bring our holding to just under 30%. The increase in our stake demonstrates our strong commitment to The Mall Fund, which we regard as core to our ongoing strategy to grow the Company and enhance value for investors."
ENDS
For further information:
Capital & Regional: |
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Hugh Scott-Barrett, Chief Executive | Tel: 020 7932 8121 |
Charles Staveley, Group Finance Director | Tel: 020 7932 8000 |
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FTI Consulting: |
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Stephanie Highett Richard Sunderland Will Henderson Aleka Bhutiani | Tel: 020 7831 3113 |
Notes to editors:
About Capital & Regional plc
Capital & Regional is a specialist property company with a strong track record of delivering value enhancing retail and leisure asset management opportunities across a £1.2 billion portfolio, primarily in town centre shopping centres.
Capital & Regional founded The Mall in conjunction with Aviva Investors. Capital & Regional acts as Property and Asset Manager for the Mall and currently holds 29.26% of this fund.
Capital & Regional & Ares Management (formerly known as AREA Property Partners) each hold a 50% interest in a German retail property portfolio which is managed by Garigal Asset Management GmbH, in which Capital & Regional holds a 30% interest.
Capital & Regional has a number of other joint ventures and wholly-owned properties.
For further information, please see www.capreg.com.