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12 Jul 2012 07:00
12 July 2012
Capital & Regional plc
Sale of Castle Mall Shopping Centre, Norwich
Capital & Regional plc ("the Company") announces that The Mall Fund has completed the sale of The Castle Mall Shopping Centre in Norwich to Infrared European Active Real Estate Fund for a price of £77.3 million representing an initial yield of 7.8%. This is in line with the June 2012 valuation.
Following this disposal and related debt repayment the fund's debt will be approximately £577 million which meets its 2014 amortisation target under the CMBS. The proforma LTV will be 67% and net debt to value, reflecting the significant level of cash within the fund, would be less than 56% on a proforma basis.
To recommence distributions The Mall must meet two thresholds, being the debt must be below £600 million and the LTV must be below 60%.
Hugh Scott-Barrett commented:
"The successful disposal of Norwich is an important milestone in deleveraging The Mall. The sale reinforces the position of The Mall as a business focussed on dominant community schemes in and around Greater London."
A full trading update will be provided in our 2012 interim results which will be released on 15 August 2012.
- ENDS -
For further information:
Capital & Regional: | |
Hugh Scott-Barrett, Chief Executive | Tel: 020 7932 8000 |
Charles Staveley, Group Finance Director | Tel: 020 7932 8000 |
Maitland: |
|
Martin Leeburn | Tel: 020 7379 5151 |
Emma Burdett | Tel: 020 7379 5151 |
Notes to editors:
About Capital & Regional plc
Capital & Regional is a specialist property company with a track record of developing asset management opportunities in town centre shopping centres and out of town retail parks.
Capital & Regional founded The Mall and The Junction funds in conjunction with Aviva Investors. Capital & Regional acts as Property and Asset Manager for the Mall and Junction funds and holds 20.1% and 13.4% respectively of these funds.
Capital & Regional & 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 also has an 11.9% stake in the X-Leisure fund, which is managed by X-Leisure Limited in which Capital & Regional holds a 50% interest.
Capital & Regional has a number of other joint ventures and wholly-owned properties.
For further information see www.capreg.com
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