Capital & Regional Regulatory News (CAL)

24 Oct 2005 14:46

Capital & Regional plc24 October 2005 24 October 2005 CAPITAL & REGIONAL PLC: THE MALL SELLS THE PALLASADES SHOPPING CENTRE IN BIRMINGHAM FOR £151.5 MILLION Capital & Regional plc today announces that The Mall, its Shopping Centre Fundmanaged jointly with Morley Fund Management, has sold The Pallasades ShoppingCentre in Birmingham to Agora Max, a new fund created by Warner Estate and Bankof Scotland, for £151.5m, slightly above the book value at which it was held inthe Mall Fund. The Pallasades, located directly above New Street Station is a 300,000 sq ft(27,781 sq ft) centre with 88 retail units and retailers including Argos, HMV,Woolworths, Peacocks and Starbucks. Ken Ford, Chief Executive of The Mall says: "We are delighted to have sold The Pallasades to Warner and wish them everysuccess with their plans." Strutt & Parker advised The Mall and DTZ advised Warner Estate. For further information: Capital & Regional:Martin Barber, Chief Executive Tel. 020 7932 8101 Redwood Consulting:Paul Haines Tel: 020 7224 4300 Hudson SandlerMichael Sandler / James Benjamin Tel: 020 7796 4133 Notes to Editors: About Capital & Regional plc Capital & Regional is the co-investing asset manager, which specialises in towncentre shopping centres, out of town retail parks, and urban entertainmentcomplexes. Capital & Regional founded the Mall and Junction Funds in conjunction withMorley Fund Management. It also founded the X-Leisure fund with HermesInvestment Management Limited, and has a number of other joint ventures anddevelopments. Its shares are quoted on the London Stock Exchange. For further information see www.capreg.com About The Mall The Mall is the leading owner and operator of community shopping centres in theUK. The Mall has assets of £2.3 billion in 22 shopping centres and has plans togrow assets to 30 centres, establishing The Mall as the UK's community shoppingcentre brand. Capital & Regional and Morley Fund Management set up The MallFund in 2002. For further information see www.themall.co.uk This information is provided by RNS The company news service from the London Stock Exchange