Disposal

RNS Number : 2996U

Capital & Regional plc

27 December 2012

 

27th December 2012

Capital & Regional announces sale of 50% stake in Xscape Braehead

Capital & Regional, the specialist retail property company, today announces the sale of its 50% stake in Xscape Braehead, Glasgow, to it's joint venture partner Capital Shopping Centres ( "CSC" ) .

The consideration is £4M cash,  net of its share of related property debt .

At 30^th June 2012 the property valuation was £53.5M with associated debt of £45.6M,  with the Group share of NAV being £4.5M .

The 374,000 square foot Urban Entertainment Complex, was constructed from 2004 and is located adjacent to CSC's Braehead Shopping Centre and retail park, on the outskirts of Glasgow.

Capital & Regional Chief Executive Hugh Scott-Barrett commented:

"Following the sale of our holding in the Junction Fund and with the proposed disposal of our X-Leisure interests, this successful sale to our JV partner continues the execution of our strategy of selling non-core assets to concentrate on our core UK shopping centre activities.

Our association with CSC has been both enjoyable and productive and we wish them continued success with their Braehead ambitions"

For further information :

Capital & Regional

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

Charles Staveley , Group Finance Director                         Tel :  [phone]

Maitland :

Martin Leeburn                                                                Tel : [phone]

Daniel Yea                                                                      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 in conjunction with Aviva Investors. Capital & Regional acts as Property and Asset Manager for the Mall and holds 20.1% of this fund.

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

For further information see www.capreg.com

 

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