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15 Oct 2013 07:00
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15 October 2013
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Capital & Regional plc
Quarterly Mall Fund Valuation
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Capital & Regional plc ('C&R') today announces that the Mall Fund property valuation and unit value as at 30 September 2013 were as follows:
Fund | Valuation of properties | Underlying valuation change in period 1 | Change in unit value (geared) in period | Net initial yield | Unit value at 30 September 2013 | Unit value at 30 June 2013 | C&R percentage of fund 2 |
The Mall Fund | ยฃ675,950,000 | (0.2)% | (2.9)% | 6.87% | ยฃ0.3620 | ยฃ0.3729 | 20.3% |
1 The underlying valuation change shows the like-for-like decrease in the value of the portfolio in the quarter as a percentage of the value of the portfolio at the beginning of the period.
2 At 30 September 2013 Capital & Regional owned 191,623,116 units in The Mall fund.
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Underlying property valuations were broadly stable in the period, reflecting improving sentiment in the investment market. However, as mentioned in the half year results, an ยฃ8.3 million swap termination cost arose on the ยฃ168 million debt repayment following the sale of Sutton Coldfield and Uxbridge, and this was the main cause of the fall in unit value during the period. The reduction of debt a result of the repayment has significantly increased our options for refinancing, and also allows the Mall Fund to resume distributions.
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Commenting on the valuation Hugh Scott-Barrett said:
"The Mall's property values were stable in the quarter, reflecting the general improvement in sentiment in property markets. Given the strength of our core portfolio of dominant community shopping centres we expect income to grow as a number of ongoing asset management initiatives are delivered. This, together with the more favourable market conditions, is likely to enhance property values."
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A further update on current trading will be provided in our IMS which will be issued on 8 November 2013.
- ENDS -
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For further information: | |
Capital & Regional: | |
Hugh Scott-Barrett, Chief Executive Charles Staveley, Group Finance Director | Tel: 020 7932 8000 Tel: 020 7932 8000 |
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FTI Consulting: | ย |
Stephanie Highett Richard Sunderland Will Henderson Aleka Bhutiani | Tel: 020 7831 3113 |
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Notes to editors:
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About Capital & Regional plc
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Capital & Regional is a specialist property company with a strong track record of delivering value enhancing retail and leisure asset management opportunities across a ยฃ1.3 billion portfolio, primarily in town centre shopping centres.
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Capital & Regional founded The Mall in conjunction with Aviva Investors. Capital & Regional acts as Property and Asset Manager for the Mall and holds 20.3% of this fund.
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Capital & Regional & Ares Management (formerly known as AREA Property Partners) each hold a 50% interest in a German retail property portfolio which is managed by Garigal Asset Management GmbH, in which Capital & Regional holds a 30% interest.
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Capital & Regional has a number of other joint ventures and wholly-owned properties.
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For further information see www.capreg.com
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