Last checked at 31 Dec 2014 07:00
31 December 2014
Capital & Regional plc (the "Company")
Confirmation of REIT status
Capital & Regional plc, the specialist community shopping centre owner, confirms that, further to the resolution passed at the Company's general meeting on 2 December 2014 which amended the Company's Articles of Association, it has converted to a Real Estate Investment Trust ("REIT") effective from today, 31 December 2014.
The REIT regime enables Capital & Regional to benefit from a zero corporation tax rate on qualifying property income and capital gains.
Hugh Scott-Barrett, Chief Executive commented:
"We have long stated our ambition to become a REIT which is focussed on dominant community shopping centres in the UK before the end of 2014 and we are pleased to be entering the New Year having achieved that goal. Capital & Regional is significantly transformed from the company it was a year ago and this is the culmination of many months of hard work by the management team, which has also included acquiring full ownership of The Mall Fund, a debt restructuring, the divestment of non-core assets and the exchange of contracts for the disposal of our German Joint Venture. We can now focus fully on growing our core UK shopping centre portfolio and implementing the asset management initiatives outlined in our portfolio strategy."
ENDS
For further information:
Capital & Regional: Tel: 020 7932 8000 | |
Hugh Scott-Barrett, Chief Executive | |
Charles Staveley, Group Finance Director | |
FTI Consulting: Tel: 020 3727 1000 | |
Richard Sunderland Claire Turvey Aleka Bhutiani | |
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 is the owner of and Property and Asset Manager for the Mall Fund.
Capital & Regional & Ares Management (formerly known as AREA Property Partners) each currently hold a 50% interest in a German retail property portfolio.
Capital & Regional has a 20% joint venture interest in the Kingfisher Centre in Redditch. For further information see www.capreg.com.