Acquisition

RNS Number : 6566B

Capital & Regional plc

22 February 2011

 

 22 February 2011

                                          CAPITAL & REGIONAL PLC:

                        THE WATERSIDE SHOPPING CENTRE LINCOLN

Following the announcement on the 9 February, Capital & Regional (the "Company") has today completed the purchase from clients of PRUPIM of The Waterside Shopping Centre in the cathedral city of Lincoln.

The acquisition price is confirmed at £24.8 million

The Company completed the acquisition utilising a new four year £13.65 million project facility arranged with Deutsche PostBank, together with existing cash resources .

It remains the Company's intention that Waterside will form part of a new 50:50 joint venture between Capital & Regional and Karoo Investment Fund II (Karoo), a Luxembourg investment Fund. As Capital & Regional and Karoo have some common shareholders the Listing Rules require the Company to obtain shareholder consent for the sale of the 50% interest in the Waterside to Karoo to create the joint venture. A further announcement as to the timing of the appropriate General Meeting will be made shortly.

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 an entrepreneurial 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

 

END

 

 

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