Last checked at 27 Nov 2008 07:00
27 November 2008
CAPITAL & REGIONAL PLC
ANNOUNCES SALE OF the Junction Fund's LEICESTER Retail Park
Capital & Regional plc ("Capital & Regional" or "The Company"), the co-investing property asset manager, today announces that the Junction Fund (in which Capital & Regional holds a 27.3% stake and is the asset manager) has agreed simultaneous exchange and completion of the St Georges Retail Park in Leicester. The property has been sold to a Fund managed by JP Morgan Asset Management in conjunction with operating partners, Kirkstone for £32m.
The sale proceeds will be used to reduce the fund's overall debt and will have a positive impact, reducing the LTV by around 50 basis points. As stated in the Company's interim management statement, the Junction Fund is considering all options including a possible restructuring of the fund, in order to provide it with a viable future and a stable capital structure.
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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:
Hugh Scott-Barrett, Chief Executive Tel: 020 7932 8000
Charles Staveley, Group Finance Director Tel: 020 7932 8000
Maitland
Martin Leeburn / Emma Burdett Tel: 020 7379 5151