16 Jun 2010 07:00
16 June 2010
CAPITAL & REGIONAL PLC:
SALE OF JOINT VENTURE INTEREST IN MANCHESTER EVENING NEWS ARENA
Capital & Regional plc, the co-investing property asset manager, today confirms that it has, together with its joint venture partner, completed the sale of the companies that own the Manchester Evening News Arena to subsidiaries of Development Securities plc. The Group held a 30% interest in the property. The transaction reflects a price paid for the property of £62.2 million at a net initial yield of 7.15% which is a small premium to the 31 December 2009 valuation.
The Group announced the exchange of contracts for this transaction on 12 May 2010.
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For further information:
Capital & Regional:
Hugh Scott-Barrett, Chief Executive Tel: 020 7932 8121
Charles Staveley, Group Finance Director Tel: 020 7932 8000
Maitland
Martin Leeburn Tel: 020 7379 5151
Emma Burdett Tel: 020 7379 5151
Capital & Regional (CAL)