Last checked at 20 Feb 2023 07:00
20 February 2023
CAPITAL & REGIONAL PLC ("Capital & Regional" or "the Group")
UK company number 01399411
LSE share code: CAL
ISIN: GB00BL6XZ716
LEI: 21380097W74N9OYF5Z25
APPOINTMENT OF DIRECTOR
Capital & Regional, the UK convenience and community focused shopping centre REIT, is pleased to announce the appointment of Panico Theocharides as a Non-Executive Director with effect from 22 February 2023. Panico replaces George Muchanya as one of Growthpoint's nominees on the Board. Panico has recently joined Growthpoint as Head of Investments.
Panico has over 20 years' experience in the real estate investment industry, with much of this time focused on the Johannesburg Stock Exchange ("JSE") Listed Real Estate sector. For the last five years Panico has worked as an independent property consultant. Prior to this he was Head of Property Advisory, Corporate Finance at Investec in Johannesburg, South Africa, with overall responsibility for strategic direction and client relationships for the property advisory team within corporate finance.
Panico was the Joint Chief Executive Officer of Annuity Properties Limited ("Annuity"). He helped found and subsequently list the company on the Johannesburg Stock Exchange ("JSE"), in May 2012, at which time it converted to a Real Estate Investment Trust ("REIT"). Following the listing, Panico led Annuity's growth strategy, building an attractive portfolio of A-Grade retail and commercial assets, from four properties valued at R486m at the time of listing to 20 properties valued in excess of R2 billion within an 18-month period. In 2014, Annuity was successfully sold to Redefine Properties Limited.
Commenting on the appointment, David Hunter, Chairman of Capital & Regional, said: "We welcome Panico Theocharides to our Board. He brings a wealth of complementary experiences and his proven expertise in driving significant business growth will benefit Capital & Regional as we continue to implement our strategy in order to deliver value for our shareholders. I would also like to take this opportunity to thank George Muchanya for his invaluable contribution to the Company over the last three years since his appointment alongside Growthpoint's investment."
Panico Theocharides commented: "Capital & Regional's strategy of focusing on dominant urban community shopping centres positions it well to both meet the needs of the local neighbourhoods it serves and deliver returns for shareholders. I believe the Company is well placed to continue to take advantage of changing retail habits and navigate the UK macro environment. I am therefore looking forward to joining the Board of Capital & Regional and to working alongside the ambitious executive team to progress that strategy and drive shareholder returns."
The above notification is made pursuant to Listing Rule 9.6.11R. There are no matters in respect of Panico Theocharides requiring disclosure under Listing Rules 9.6.13(2) to 9.6.13(6) inclusive.
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For further information:
Capital & Regional plc 020 7932 8000
Lawrence Hutchings
Stuart Wetherly
FTI Consulting 020 3727 1000
Richard Sunderland
Maria Saud
capreg@fticonsulting.com
About Capital & Regional plc:
Capital & Regional is a UK focused retail property REIT specialising in shopping centres that dominate their catchment, serving the non-discretionary and value orientated needs of the local communities. It has a strong track record of delivering value enhancing retail and leisure asset management opportunities across its portfolio of in-town shopping centres.
Capital & Regional owns and/or manages seven shopping centres in Hemel Hempstead, Ilford, Luton, Maidstone, Redditch, Walthamstow and Wood Green. Capital & Regional manages these assets through its in-house expert property and asset management platform.
Capital & Regional is listed on the main market of the London Stock Exchange (LSE) and has a secondary listing on the Johannesburg Stock Exchange (JSE)
For further information see capreg.com