15 Jan 2014 07:00

15 January 2014
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Capital & Regional plc
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Quarterly Mall Fund Valuation
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GOOD VALUATION PERFORMANCE
UNDERPINS INVESTMENT IN THE MALL
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Capital & Regional plc ('C&R') today announces that the Mall Fund (the "Mall") property valuation and unit value as at 31 December 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 31 December 2013 | Unit value at 30 September 2013 | C&R percentage of fund 2 |
The Mall Fund | £684,650,000 | 1.0% | 3.5% | 6.78% | £0.3748 | £0.3620 | 29.3% |
1 The underlying valuation change shows the like-for-like increase 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 31 December 2013 Capital & Regional owned 275,688,320 units in The Mall fund.
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Commenting on the valuation Hugh Scott-Barrett said:
"Our confidence in the Mall and the opportunities its portfolio of dominant community shopping centres presents for future growth is underpinned by the improving property values shown in this valuation."
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Further details and an update on current trading conditions will be provided in the Group's preliminary results announcement in March 2014.
- 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: | Â |
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 £1.2 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 29.3% 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