Last checked at 3 Oct 2008 13:39
3 October 2008
CAPITAL & REGIONAL PLC
Agreement with banks on Junction Fund LTV
Capital & Regional plc, the co-investing property asset manager, announces that further progress has been made on increasing its financial flexibility.
In its Interim Results Statement on 28 August the Company referred to the advanced state of negotiations between The Junction Fund and its banks. The Company can now announce that the Junction Fund's banks have agreed to relax the 60% LTV covenant on its facility to 70% for a period of 12 months. The LTV based on 31 August valuations would be 56%.
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For further information:
Capital & Regional:
Hugh Scott-Barrett, Chief Executive Tel: 020 7932 8000
Charles Staveley, Group Finance Director Tel: 020 7932 8000
Maitland Tel: 020 7379 5151
Martin Leeburn / Emma Burdett
Notes to editors:
About Capital & Regional plc
Capital & Regional is the co-investing asset manager which specialises in town centre shopping centres, out of town retail parks, and urban entertainment complexes.
Capital & Regional founded the Mall and Junction Funds in conjunction with Morley Fund Management. It also founded the X-Leisure fund with Hermes Investment Management Limited, and has a number of other joint ventures and developments. Its shares are quoted on the London Stock Exchange.
For further information see www.capreg.com