Last checked at 12 Dec 2008 13:28
12 December 2008
CAPITAL & REGIONAL PLC ANNOUNCES
SALE OF the costco UNIT AT the CAPITAL RETAIL PARK, cardiff
Capital & Regional plc ("Capital & Regional"), the co-investing property asset manager, today announces that the Capital Retail Park Partnership has exchanged contracts for the sale of the Costco unit at the Capital Retail Park in Cardiff to a private investor for £16.95 million.
The sale price represents a net initial yield on contracted rent of 6.1%. The Capital Retail Park Partnership is a 50:50 joint venture between Capital & Regional plc and PMG Estates Limited, a local property developer. The sale proceeds will be used to pay down the partnership debt.
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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 Aviva Investors Global Services Ltd. 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 please visit: www.capreg.com
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For further information:
Capital & Regional plc Tel: 020 7932 8000
Charles Staveley, Group Finance Director
John Gatley, Managing Director, The Junction
Maitland
Martin Leeburn / Emma Burdett Tel: 020 7379 5151