Fund Valuation

RNS Number : 4359K

Capital & Regional plc

15 July 2011

 

15 July 2011

Capital & Regional plc

Quarterly Fund Valuations

Capital & Regional plc today announces that the unit values of The Mall, The Junction and the X-Leisure Funds as at 30 June 2011 were as follows: 

Fund	Valuation of    properties	Underlying valuation change in period 1	Change in unit value (geared) in period 3	Net initial yield	Unit value at 30 June 2011	Unit value at 31 March 2011	C&R percentage of fund 2
The Mall Fund	£1,095,944,178	0.4%	2.6%	6.98%	£0.4396	£0.4286	16.7%
The Junction Fund	£355,579,600	(0.4)%	(14.1)%	5.65%	£0.2870	£0.3342	13.4%
X-Leisure Fund	£551,000,000	1.9%	4.1%	6.75%	£0.3379	£0.3245	11.9%

¹   The underlying valuation change shows the like for like increase / (decrease) in the value of the portfolio in the quarter as a percentage of the value of the portfolio at the beginning of the period.

²   Capital & Regional own the following number of units in each fund: The Mall 157,743,057, The Junction 88,261,870, X-Leisure 91,949,578. The percentage ownership of The Junction is likely to fall by up to 0.1% as a consequence of adjustments to the number of units issued as part of the open offer.

³   The change in unit price for The Junction reflects a capital distribution of £25 million in June 2011. 

Commenting on the valuations Hugh Scott-Barrett said:

"We have continued to see strong letting activity during the quarter at or above ERV across the portfolio. This has underpinned growth in valued income and has helped us deliver impressive performance in very challenging market conditions for our retailers"

Further details and an update on current trading conditions will be provided in the Group's interim results statement which will be issued on 23 August 2011.

- ENDS -

For further information:

Capital & Regional:

Hugh Scott-Barrett, Chief Executive                                     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

 

END

 

 

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