Last checked at 5 Sep 2008 11:04
5 September 2008
CAPITAL & REGIONAL PLC
posts circular relating to the proposed German joint venture with Apollo
Capital & Regional plc, the co-investing property asset manager, announced that, on 19 August 2008 that the company had exchanged contracts with an investment fund managed by Apollo Real Estate Advisers ("Apollo") in respect of the formation of a joint venture for its German portfolio ("the Proposed Joint Venture").
Under the terms of the proposed joint venture, Apollo will acquire approximately half of C&R's equity investment in the German portfolio for a cash consideration of €65.6m. The parties will also together buy out the majority of the equity interest that the Hahn Group holds in part of the German portfolio for €11.9m in cash.
C&R announces that it has, on 4 September, posted a circular to its shareholders describing the proposed joint venture and giving notice of a General Meeting to be held on 19 September 2008 at 9.00am at Rubens Hotel, 39 Buckingham Palace Road, London, SW1W 0PS, at which the shareholder vote on the proposed joint venture will take place. The circular to shareholders will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility, which is situated at the Financial Services Authority, 25 The North Colonnade, Canary Wharf, London, E14 5HS.
Telephone: +44 (0) 20 7066 1000.
The directors of C&R have provided irrevocable undertakings to procure that the aggregate 2,148,398 ordinary shares in C&R in which they are interested (representing approximately 3% of the issued voting share capital of C&R), will vote in favour of the proposed joint venture at the General Meeting.
The proposed joint venture is expected to be completed on or around 30 September 2008, subject to satisfaction of other conditions.
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For further information:
Capital & Regional:
William Sunnucks, Group Finance Director Tel: 020 7932 8000
Maitland
Martin Leeburn / Emma Burdett Tel: 020 7379 5151
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