Last checked at 20 Aug 2013 11:20
20 August 2013
CAPITAL & REGIONAL PLC
SALE OF JARMAN FIELDS HEMEL HEMPSTEAD
Capital & Regional plc ('C&R') today announces the conditional exchange of contracts for the sale of Jarman Fields, Hemel Hempstead to Tesco Pension Trust for a price of £8.5 million, ahead of the valuation as at 30 June 2013.
Hemel Hempstead had no material impact on C&R's profit for the six months ended 30 June 2013.
The sale proceeds will be used for general corporate purposes and further re-investment in C&R's core UK Shopping Centre business.
Hugh Scott-Barrett, Chief Executive commented:
"The disposal of Hemel Hempstead is the culmination of excellent asset management work to create an attractive leisure asset and it will enable the Group to recycle cash into its core UK Shopping Centre business."
For further information:
Capital & Regional: | |
Hugh Scott-Barrett, Chief Executive | Tel: 020 7932 8121 |
Kenneth Ford, Executive Director | Tel: 020 7932 8050 |
Charles Staveley, Group Finance Director | 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 £1.3 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 20.3% 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, please see www.capreg.com.