Disposal

RNS Number : 5901L

Capital & Regional plc

02 August 2011

 

2 August 2011

CAPITAL & REGIONAL PLC:

SOUTH AYLESFORD RETAIL PARK, MAIDSTONE

Capital & Regional plc announces that the Junction Fund has exchanged unconditional contracts for the sale of South Aylesford Retail Park, Maidstone to The Crown Estate for a price of £70.6m, in line with the June 2011 valuation. Completion of the sale is anticipated to take place on 30 September 2011.

The sale price reflects a NIY of 5.87%.

The Junction Fund has owned the retail park since January 2002. The scheme is fully occupied, the most recent transactions being the letting of 24,700 sq ft to DSG for a combined Currys and PC World store and a regear with Pets at Home.

The Junction Fund has disposed of the property as part of its strategy to focus on those properties that have greater asset management or development opportunities.

The sale of South Aylesford Retail Park, Maidstone is the third disposal by the Junction Fund to The Crown Estate, following Ocean Retail Park, Portsmouth in March 2011 and Morfa Shopping Park, Swansea in June 2011.

Following completion of this sale the Junction Fund bank debt will have been reduced by 63% since May 2009.

Capital & Regional has an interest of 13.4% in the Junction Fund.

For further information:

Capital & Regional:

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

Kenneth Ford, Executive Director                                          Tel:  [phone]

Charles Staveley, Finance Director                                        Tel:  [phone]

Maitland

Martin Leeburn                                                                        Tel:  [phone]

Richard Farnsworth                                                                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 16.7% 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

About The Junction Fund

The Junction is a specialist retail park fund, owning five retail parks, one development site and one non-core industrial property with a total floor space of approximately 1.6 million square feet. It specialises in mixed use retail parks embracing a variety of uses including food, DIY, homewares, electrical goods and general High Street retailers.

The Junction key statistics (at 30 June 2011, including Maidstone)

Gross property asset value                     £356m 

Number of properties                              5 

Number of units                                     91 

Initial yield                                             5.65% 

Equivalent yield                                      6.76% 

C&R share                                            13.4% 

For further information see: www.thejunction-uk.com 

 

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