Fund Valuation

RNS Number : 7300V

Capital & Regional plc

18 January 2012

 

18 January 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 December 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 31 December 2011	Unit value at 30 September 2011	C&R percentage of fund 2
The Mall Fund	£970,694,360	(0.9)%	(2.3)%	7.02%	£0.4165	£0.4261	18.2%
The Junction Fund	£288,285,905	1.0%	(25.9)%*	5.68%	£0.2040	£0.2754	13.4%
X-Leisure Fund	£564,500,000	1.2%	3.1%	6.59%	£0.3548	£0.3440	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 December 2011 Capital & Regional own the following number of units in each fund: The Mall 171,306,492, 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. On 25 November 2011, the group purchased 7.5 million units in The Mall Fund at £0.27 per unit for a total consideration of £2.0 million and this increased the holding in The Mall Fund to 18.2%.

³   The change in the unit price for the Mall partially reflects a £5.6 million accrual for a tax distribution which will be paid to unit holders in 2012.

   *The change in unit price for The Junction reflects the payment of a capital distribution of £48.5 million to unit   holders in November 2011.

Commenting on the valuations Hugh Scott-Barrett said:

"Active asset management has driven income growth across the UK funds. This has largely offset modest outward yield shift in the market for shopping centres and retail parks.

The significant increase in Mall footfall during December 2011 compared to December 2010, up 11.1% and exceeding the national index by 6.8%, once again highlights the strength of the shopping centre portfolio following earlier disposals, in what are very challenging market conditions."

Further details and an update on current trading conditions will be provided in the Group's preliminary results announcement which will be issued on 7 March 2012.

- 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 18.2% 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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