Disposal

RNS Number : 6739N

Capital & Regional plc

16 June 2010

 

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.

- 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]

 

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