Last checked at 15 Jan 2014 07:00
15 January 2014
Capital & Regional plc
Quarterly Mall Fund Valuation
GOOD VALUATION PERFORMANCE
UNDERPINS INVESTMENT IN THE MALL
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.
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."
Further details and an update on current trading conditions will be provided in the Group's preliminary results announcement in March 2014.
- ENDS -
For further information: | |
Capital & Regional: | |
Hugh Scott-Barrett, Chief Executive Charles Staveley, Group Finance Director | Tel: 020 7932 8000 Tel: 020 7932 8000 |
| |
FTI Consulting: |
|
Stephanie Highett Richard Sunderland Will Henderson Aleka Bhutiani | Tel: 020 7831 3113 |
Notes to editors:
About Capital & Regional plc
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.
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.
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.
Capital & Regional has a number of other joint ventures and wholly-owned properties.
For further information see www.capreg.com