Fund Valuation

RNS Number : 2862U

Capital & Regional plc

13 October 2010

 



13 October 2010

CAPITAL & REGIONAL PLC:

QUARTERLY FUND VALUATIONS

Capital & Regional plc today announces that the unit values of The Mall, The Junction and X-Leisure funds as at 30 September 2010 were as follows: 

	Valuation of	Underlying	Change in	Net Initial	Unit value	Unit value	C&R
	properties	valuation	unit price	Yield	at	at	percentage
		change in	(geared) in		30 September	30 June	of fund
		period	period		2010	2010	(2)
		(1)
The Mall	£1,074,000,000	2.6%	5.9%	7.06%	£0.3504	£0.3307	16.7%
The Junction	£472,110,000	1.1%	(17.6)%	5.90%	£0.3044	£0.3696	13.4%
X-Leisure	£546,700,000	0.1%	0.8%	7.08%	£0.2977	£0.2954	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 change in unit price for the Junction includes the effect of a capital distribution of £42,000,000 in September 2010.  Without this distribution the unit price would have decreased 0.3%, the fall being as a result of the interest rate swap termination following the sale of the fund's Hull retail park.

Further details and an update on current trading conditions will be provided in the Group's interim management statement which will be issued on 11 November 2010.

- 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

 

 

MSCKKBDNCBDDAKD