Aquisition of Mall Units

RNS Number : 3464W

Capital & Regional plc

30 January 2012

 



30 January 2012

Capital & Regional plc

Acquisition of Mall Units

Capital & Regional plc ("the Company") announces that it agreed to acquire 18,699,045 units in The Mall Unit Trust ("the Mall Fund") on 27 January 2012. The units were acquired from a UK institutional client of La Salle Investment Management at a price of 30 pence per unit for a total cash consideration of £5,609,713 using available Group cash.

This acquisition increases the Company's stake in the Mall Fund from 18.16% at 30 December 2011 to 20.15%.

The Mall Fund was founded by the Company in conjunction with Aviva Investors in 2002, and is a specialist UK shopping centre fund with a gross asset value as at 30 June 2011 of £1,304 million. The Mall Fund's net rental income for six months to 30 June 2011 was £36.9 million.

As announced on 18 January 2012, the Mall Fund unit price at 31 December 2011 was 41.65 pence per unit.

In addition to the above acquisition, the Company has, in the last twelve months, acquired a further 13,563,435 units at an average price of 30 pence per unit.

Hugh Scott-Barrett, Chief Executive at Capital & Regional plc commented:

"These purchases reflect the value we see in the Mall with its focus around a core of dominant community shopping  centres."                                                                                                               

Further information on the Mall Fund's trading position will be provided in the Company's preliminary results statement which will be published on 7 March 2012.

                                                       ENDS

For further information :

Capital & Regional:                                         

Hugh Scott-Barrett, Chief Executive                                       Tel: [phone]

Charles Staveley, Group Finance Director                             Tel: [phone]

Maitland:

Martin Leeburn                                                                         Tel: [phone]

Emma Burdett                                                                        Tel:  [phone]

Notes to editors:

About Capital & Regional plc

Capital & Regional is a specialist property company with a track record of developing asset management opportunities in town centre shopping centres and out of town retail parks.

Capital & Regional founded The Mall and The Junction funds in conjunction with Aviva Investors. Capital & Regional acts as Property and Asset Manager for the Mall and Junction funds and holds 20.1% and 13.4% respectively of these funds.

Capital & Regional & 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 an 11.9% stake in the X-Leisure fund, which is managed by X-Leisure Limited in which Capital & Regional holds a 50% interest.

Capital & Regional has a number of other joint ventures and wholly-owned properties.

For further information see www.capreg.com

 

END

 

 

MSCBKODKFBKDNDB