Fund Valuation

RNS Number : 2571K

Capital & Regional plc

15 April 2010

 

15 April 2010

CAPITAL & REGIONAL PLC:

QUARTERLY FUND VALUATIONS AND SALE OF AYLESBURY RETAIL PARK

Capital & Regional plc, the co-investing property asset manager, today announces that the unit values of The Mall, The Junction and X-Leisure funds as at 31 March 2010 were as follows: 

	Valuation of properties	Underlying valuation change in  period (1)	Change in unit price (geared) in period	Net Initial Yield	Unit value at 31 March 2010	Unit value at 31 December 2009	C&R percentage of fund
The Mall	£1,201,250,000	0.9%	1.9%	7.46%	£0.3002	£0.2947	16.7%
The Junction	£602,190,000	4.7%	14.3%	6.15%	£0.3683	£0.3221	13.4%
X-Leisure	£525,600,000	7.9%	24.0%	7.32%	£0.2694	£0.2172	11.9%

Notes: 

(1)   The underlying valuation change shows the 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 Mall valuation reflects inward yield shift of 31 basis points (on a like for like basis) in the quarter but valued income has fallen 2.8% reflecting the usual seasonal reduction, a number of administrations and certain valuer assumptions.  Since the quarter end a number of significant new leases and renewals have been entered into providing a net uplift of approximately £1m of income, and further lettings are in negotiation.

The Group also announces that The Junction has agreed the sale of Cambridge Close Retail Park, Aylesbury to Aviva Life & Pension UK Limited.  The price of £60.4m reflects a net initial yield of 6.04% and compares to its valuation as at 31 March 2010 of £58.8m.  Completion is anticipated for 16 April 2010.  Aviva is an investor in The Junction.

Further details and an update on current trading conditions will be provided in the Group's IMS which will be issued on 19 May 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]

 

END

 

 

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