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Acquisition Of A Third Property In Hemel Hempstead
CAPITAL & REGIONAL PLC
(Incorporated in the United Kingdom)
(UK Company number 01399411)
LSE share code: CAL JSE share code: CRP
ISIN: GB0001741544
(“Capital & Regional” or “the Company”)
ACQUISITION OF A THIRD PROPERTY IN HEMEL HEMPSTEAD
Capital & Regional plc, the UK focused specialist property REIT, today announces the GBP7.8 million acquisition of Fareham
House in Hemel Hempstead in an off-market transaction.
The acquisition, which is immediately adjacent to both the Marlowes shopping centre and Edmonds Parade, which were acquired
by the Company in February 2016, means that Capital & Regional now has the significant opportunity of consolidating all three
assets into a single, dominant town centre scheme. Altogether, the properties provide 340,000 sq ft of retail space across 87 retail
units, with 1,200 car parking spaces.
The total acquisition cost of the three properties is GBP53.8 million, representing a yield of 7.0% on the retail space. The
transactions have been funded using existing cash, a small draw-down on the Group’s central facility and a non-recourse loan with
the Royal Bank of Scotland of GBP26.9 million. The loan runs for five years with two one year extensions available at the end of
each of the first two years. The rate of interest payable on the loan following hedging is expected to be around 3.3%.
Hugh Scott-Barrett, Chief Executive, commented:
“We have worked hard to acquire Fareham House off-market and the transaction represents a considerable success in the
opportunity that we now have in Hemel Hempstead, a strong south east commuter town with significant growth potential that has,
historically, been under-invested in.
“Together, the three acquisitions we have undertaken provide us with effective control of the town centre retail offer and unlock
attractive longer-term prospects for a more comprehensive development and repositioning that fit well with our asset management
capabilities.”
The Company is also on the afternoon of Monday 21 March 2016 hosting an investor visit to The Mall, Walthamstow, comprising
a presentation from senior managers followed by a tour of the centre. No new material trading or financial information will be
disclosed and the presentation will be available on the Company's website at www.capreg.com after 14:30 (UK time) on Monday
21 March 2016.
18 March 2016
JSE sponsor
Java Capital
Notes to editors:
About Capital & Regional plc
Capital & Regional is a UK focused specialist property REIT with a strong track record of delivering value enhancing retail and
leisure asset management opportunities across a c. GBP1 billion portfolio of in-town dominant community shopping centres.
Capital & Regional is listed on the main market of the London Stock Exchange and has a secondary listing on the Johannesburg
Stock Exchange.
Capital & Regional owns seven shopping centres in Blackburn, Camberley, Hemel Hempstead, Luton, Maidstone, Walthamstow
and Wood Green. It also has a 20% joint venture interest in the Kingfisher Centre in Redditch and a 50% joint venture in the
Buttermarket Centre, Ipswich. Capital & Regional manages these assets, which comprise over 950 retail units and attract over
1.7 million shopping visits each week, through its in-house expert property and asset management platform.
For further information see www.capreg.com.
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