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8 Jul 2014 07:00
8 July 2014
Capital & Regional plc
Q2 Mall Property Valuation
Capital & Regional plc ('C&R') today announces that the Mall portfolio property valuation as at 30 June 2014 was as follows:
Valuation of properties at 30 June | Valuation of properties at 31 March | Valuation movement in the period | Net initial yield at 30 June |
£705,200,000
|
£684,650,000 |
3.0% |
6.48% |
The portfolio has seen yield compression of 21 basis points during the second quarter which, in conjunction with an increase in valued income, has resulted in the valuation increase shown above.
The estimated unit price at 30 June 2014 as adjusted for the mark to market adjustment on the Mall's interest rate cap was 38.9234 pence, compared to a unit value at 31 March 2014 of 36.1360 pence. No accrual has been made for the potential performance fee payable to the C&R Property Manager or the Fund Manager in these numbers.
C&R currently has a 29.26% interest in the Mall but, as announced on 20 June 2014 and subject to shareholder approval and certain other conditions being met, C&R has agreed to acquire a further 62.56% interest which would take its total interest in the Mall to a controlling stake of 91.82%.
Prior to adjustment for performance fees, the price being paid per unit is 36.1360 pence with the sellers also having an entitlement to income from 1 April 2014 to completion of the transaction, which is estimated to be 0.4962 pence per unit.
- ENDS -
For further information:
Capital & Regional: | Tel: 020 7932 8000 |
Hugh Scott-Barrett, Chief Executive | |
Charles Staveley, Group Finance Director | |
FTI Consulting | Tel: 020 3727 1000 |
Stephanie Highett Richard Sunderland Aleka Bhutiani |
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 acts as Property and Asset Manager for the Mall and currently holds 29.3% of this fund. As announced on 20 June, subject to shareholder approval and certain other conditions being met C&R has agreed to acquire a further 62.56% interest which would take its total interest in the Mall to 91.82%.
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 also has a number of other joint ventures.
For further information see www.capreg.com
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