Disposal

RNS Number : 0388J

Capital & Regional plc

27 November 2008

 



27 November 2008

CAPITAL & REGIONAL PLC

ANNOUNCES SALE OF the Junction Fund's LEICESTER Retail Park

Capital & Regional plc ("Capital & Regional" or "The Company"), the co-investing property asset manager, today announces that the Junction Fund (in which Capital & Regional holds a 27.3% stake and is the asset manager) has agreed simultaneous exchange and completion of the St Georges Retail Park in Leicester.  The property has been sold to a Fund managed by JP Morgan Asset Management in conjunction with operating partners, Kirkstone for £32m. 

The sale proceeds will be used to reduce the fund's overall debt and will have a positive impact, reducing the LTV by around 50 basis points. As stated in the Company's interim management statement, the Junction Fund is considering all options including a possible restructuring of the fund, in order to provide it with a viable future and a stable capital structure. 

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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 Aviva Investors Global Services Ltd. 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 please visit:   www.capreg.com 

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For further information:

Capital & Regional:

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

Charles Staveley, Group Finance Director           Tel: [phone]

Maitland

Martin Leeburn / Emma Burdett                            Tel: [phone]

 

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