Completion of German Joint Ve

RNS Number : 3950F

Capital & Regional plc

08 October 2008

 



8 October 2008

CAPITAL & REGIONAL PLC

Completion of formation of German joint venture with Apollo

Capital & Regional plc, the co-investing property asset manager, announces the completion of the sale of approximately half of its German business to an investment fund managed by Apollo Real Estate Advisers ("Apollo").  A joint venture with Apollo has been formed to run the German business.  The joint venture subsequently completed the buyout of the majority of the equity interests that the Hahn Group held in the German business.

Net cash proceeds received by Capital & Regional from the transactions before costs were £44.7m, which will be used to pay down existing bank debt.    

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For further information:

Capital & Regional:

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

Charles Staveley, Group Finance Director                        Tel: [phone]

Maitland                                                                            Tel: [phone]

Martin Leeburn / Emma Burdett 

Notes to editors:

About Capital & Regional plc

Capital & Regional is the co-investing asset manager which specialises in town centre shopping centres, out of town retail parks, and urban entertainment complexes.  

Capital & Regional founded the Mall and Junction Funds in conjunction with Morley Fund Management. It also founded the X-Leisure fund with Hermes Investment Management Limited, and has a number of other joint ventures and developments. Its shares are quoted on the London Stock Exchange.  

For further information see www.capreg.com 

 

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