Last checked at 8 Apr 2009 07:00
CAPITAL & REGIONAL PLC
ANNOUNCES COMPLETION OF SALE OF X-LEISURE FUND'S 02 CENTRE, FINCHLEY ROAD
Capital & Regional plc, the co-investing property asset manager today announces that the X-Leisure Fund (in which Capital & Regional holds a 19.4% stake and is the property asset manager) has completed the sale of the 02 Centre, Finchley Road. The property has been sold to Matterhorn Capital for a price of £92.5 million. The proceeds will be used to repay Fund debt.
The sale is part of the broader strategy to strengthen the financial base of the X-Leisure Fund, the largest specialist fund investing in leisure property in the UK. The Fund is in discussions with investors about a capital increase and is seeking to amend the terms of its banking arrangements to create additional financial flexibility. The steps are intended to leave the Fund well placed to benefit from recovery in the leisure property market. The Fund has separately agreed with its syndicate of lending banks a waiver for the Loan to Value Covenant until the end of May 2009 in order to facilitate implementation of this strategy. Further details will be provided on or before Capital & Regional's 2008 results on Friday, 24 April 2009.
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For further information:
| Capital & Regional | |
| Hugh Scott-Barrett, Chief Executive | Tel: 020 7932 8121 |
| Maitland | |
| Martin Leeburn / Emma Burdett | Tel: 020 7379 5151 |