Fund Valuation

RNS Number : 0039Q

Capital & Regional plc

12 October 2011

 



12 October 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 September 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    September 2011	Unit value at 30 June 2011	C&R percentage of fund 2
The Mall Fund	£977,894,178	(1.3)%	(3.1)%	6.92%	£0.4261	£0.4396	16.7%
The Junction Fund	£285,493,145	(0.3)%	(4.0)%	5.52%	£0.2754	£0.2870	13.4%
X-Leisure Fund	£556,450,000	0.9%	1.8%	6.67%	£0.3440	£0.3379	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 30 September 2011 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 the unit value for The Mall Fund and The Junction Fund is principally driven by the one-off swap breakage costs incurred on the disposal of Middlesbrough and Barnsley in The Mall and Maidstone in The Junction.

Commenting on the valuations Hugh Scott-Barrett said:

"Our funds have continued to demonstrate their resilience during the quarter given the challenging market conditions facing our retailers. The Mall valuation reflects the impact of the administration of TJ Hughes at Maidstone at the start of the quarter. The remaining property values have been stable across the rest of the portfolio. Since then we have not had any other significant administrations. Metrics for footfall, occupancy and cash collection underpin an encouraging operating performance in the current environment."

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

- 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 17.4% 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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