Fund Valauation

RNS Number : 5399Z

Capital & Regional plc

17 January 2011

 

17 January 2011

CAPITAL & REGIONAL PLC

QUARTERLY FUND VALUATIONS

AND SALE OF THE GALLERIES SHOPPING CENTRE BRISTOL

Capital & Regional plc today announces that the unit values of the Mall, The Junction and the X-Leisure funds as at 31 December 2010 were as follows: 

Fund	Valuation of properties	Underlying valuation change in  period	Change in unit value (geared) in period	Net Initial Yield	Unit value at	Unit value at	C&R percentage of fund
					31 December  2010	30 September  2010
		(1)
Mall Fund	£1,128,050,000	4.8%	17.0%	6.98%	£0.4100	£0.3504	16.7%
Junction Fund	£475,600,000	(0.1)%	0.3%	5.79%	£0.3053	£0.3044	13.4%
X-Leisure Fund	£528,150,000	1.6%	3.7%	7.02%	£0.3087	£0.2977	11.9%

Notes: 

(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)     Capital & Regional own the following number of units in each fund: The Mall 157,742,057, The Junction 88,261,870, X-Leisure 91,899,578.  The percentage ownership of the Junction is likely to fall by up to 0.2% as a consequence of adjustments to the number of units issued as part of the open offer.

The Group also announces that the Mall Fund completed the sale of The Galleries Shopping Centre Bristol to HSBC European Active Real Estate Trust for a price of £50.2m on 14 January 2011.

The sale price was at a premium to the September 2010 valuation and is reflected in the December 2010 valuation above.

Further details and an update on current trading conditions will be provided in the Group's preliminary results announcement which will be issued on 23 March 2011

- ENDS -

For further information:

Capital & Regional:

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

Charles Staveley, Group Finance Director                                          Tel:  [phone]

Maitland

Martin Leeburn                                                                                     Tel:  [phone]

Emma Burdett                                                                                     Tel:  [phone]

Notes to editors:

About Capital & Regional plc

Capital & Regional is a specialist property company which specialises in exploiting 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 the funds.

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, and a 50% interest in a German property portfolio with AREA Property Partners which is managed by Garigal Asset Management GmbH, in which Capital & Regional holds a 30% 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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