SALE OF 10 LOWER GROSVENOR PL

RNS Number : 0920B

Capital & Regional plc

20 October 2009

 



20 October 2009

CAPITAL & REGIONAL PLC 

SALE OF 10 LOWER GROSVENOR PLACE

Capital & Regional Plc ("Capital & Regional" or the "Group") today announces that it has exchanged contracts for the sale of its long leasehold owner occupied building at 10 Lower Grosvenor Place, London, to Kardamyla Holdings Limited for £10.5 million in cash. Completion will take place in February 2010. 

The proceeds will be used to repay the £7.44 million debt outstanding on the property with the balance being retained in cash. The sale reduces debt and frees up capital for alternative future use.

The property was included in the 30 June 2009 accounts at £10.1 million, which included a £0.8 million head lease adjustment, and net annual rent payable intra group for the year to 31 December 2008 was £850,000.

The property is currently being used as Capital & Regional's head office but the Group will move to rented premises on completion.

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For further information:  

Capital & Regional
Hugh Scott-Barrett, Chief Executive	Tel: [phone]
Charles Staveley, Group Finance Director	Tel: [phone]
Maitland
Martin Leeburn / Emma Burdett	Tel: [phone]

 

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