Disposal

RNS Number : 2806O

Capital & Regional plc

25 June 2010

 

25 June 2010

CAPITAL & REGIONAL PLC:

CONDITIONAL SALE OF FOUR SHOPPING CENTRES

Capital & Regional plc, the co-investing property asset manager, today announces that The Mall Fund has conditionally exchanged contracts with clients of  Rockspring Property Investment Managers, for the sale of four shopping centres at a price of £136m, reflecting a net initial yield of 7.5%.

The sale is conditional upon a number of matters including the approval of the holders of loan notes in The Mall Fund to a restructuring of the terms of the loan notes. The changes to the terms of the loan notes are required because whilst the sales price for these assets is in excess of the most recent valuation, it is below the minimum release price provided for in the loan agreement.

The centres involved are:-

The Eastgate Shopping Centre, Gloucester

The Marlands Shopping Centre, Southampton

The Liberty 2 Shopping Centre, Romford

The Howgate Shopping Centre, Falkirk

Capital & Regional has an interest of 16.7% in The Mall Fund.

- ENDS -

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]

 

END

 

 

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