Fund Valuation

RNS Number : 5265B

Capital & Regional plc

18 April 2012

 



18 April 2012

Capital & Regional plc

Quarterly Fund Valuations

Capital & Regional plc ('C&R') today announces that the unit values of The Mall, The Junction and the X-Leisure Funds as at 31 March 2012 were as follows: 

Fund	Valuation of    properties	Underlying valuation change in period 1	Change in unit value (geared) in period	Net initial yield	Unit value at 31 March 2012	Unit value at 31 December 2011	C&R percentage of fund 2
The Mall Fund	£952,344,469	(2.0)%	(2.7)%	6.94%	£0.4052	£0.4165	20.1%
The Junction Fund	£287,128,510	(0.6)%	0.6%	5.62%	£0.2053	£0.2040	13.4%
X-Leisure Fund	£573,500,000	1.5%	3.1%	6.40%	£0.3657	£0.3548	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   At 31 March 2012 Capital & Regional own the following number of units in each fund: The Mall 190,005,537, 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 in 2009.

Commenting on the valuations Hugh Scott-Barrett said:

"Strength in investment markets in the South East has lifted the overall value of the three London based Malls. This has helped offset the impact of administrations in the quarter and good progress is being made in re-letting space.

In spite of very challenging market conditions Mall footfall continues to outperform the national footfall index by 3.1% again demonstrating shopper demand for our shopping centre locations."

Further details and an update on current trading conditions will be provided in the Group's interim management statement which will be issued on 16 May 2012.

- 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]

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 20.1% 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

 

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