Shareholder Approval to Joint Venture

RNS Number : 1685E

Capital & Regional plc

01 April 2011

 

1 April 2011

CAPITAL & REGIONAL PLC:

SHAREHOLDER APPROVAL TO CAPITAL & REGIONAL / KAROO LINCOLN JOINT VENTURE

A General Meeting of shareholders of Capital & Regional ("the Company") today approved, the formation of a 50:50 joint venture with Karoo Investment Fund II S.C.A. SICAV-SIF ("Karoo")  which will own the Waterside Shopping Centre ("Waterside") in Lincoln.

The shareholder vote was required because Capital & Regional and Karoo have common significant shareholders.

Proxies were received by the Company from shareholders in advance of the meeting as set out in the table below. The Company has a total of 350,612,754 ordinary shares with voting rights in issue.

Resolution number	For	Against	Votes Withheld	Total proxy votes cast
	Number of shares	Number of shares	Number of shares
1	176,204,826	5,000	1,376,016	177,585,842

Establishing this joint venture provides Capital & Regional with additional firepower to carry out further acquisitions whilst increasing the investment and income returns from its in-house asset management teams.

In the five weeks since completion of the purchase , Capital & Regional has absorbed Waterside into it's integrated management platform and refined the asset management options to focus on satisfying demand for larger space.

Active preletting discussions continue with national fashion occupiers around their  Lincoln requirements .

Hugh Scott-Barrett commented:

"I am delighted with shareholders overwhelming support for our Lincoln joint venture with Karoo and very much look forward to working with them not only on Lincoln, but also further transactions in the future".

For further information:

Capital & Regional:

Hugh Scott-Barrett, Chief Executive                                      Tel:  [phone]

Kenneth Ford, Executive Director                                          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 Fund Management. 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

About Karoo Investment Fund II S.C.A. SICAV-SIF

Karoo is a Luxembourg domiciled investment fund which invests in real estate indirectly through listed and unlisted property vehicles, as well as directly through property joint ventures.  Karoo is advised by Pinelake International Limited and Clearance Capital LLP

 

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