Last checked at 19 Jun 2008 17:52
19 June 2008
Capital & Regional welcomes agreement to sell three Mall shopping centres
The Mall Fund has today announced that it has agreed to sell three properties to Carlyle Group for £286m.
The properties are Mall shopping centres in Chester, Epsom and Edgware. As at the end of March 2008 the three properties were valued at £339.8m.
The price agreed represents an initial yield of 6.0%.
The proceeds from the sale, which will complete in early July, will be available to reduce gearing in the fund.
Hugh Scott-Barrett, Chief Executive of Capital & Regional, said "This transaction, together with the capital raising announced earlier today, puts the Mall Fund on a more secure financial footing and will allow us to focus on maximising fund performance through the active management of the asset portfolio."
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For further information:
Capital & Regional:
Hugh Scott-Barrett, Chief Executive Tel: 020 7932 8000
Maitland Tel: 020 7379 5151
Martin Leeburn / Emma Burdett
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