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Disposal of Buttermarket Centre Ipswich
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” or “the Group”)
DISPOSAL OF BUTTERMARKET CENTRE IPSWICH
Capital & Regional announces that it has completed the sale of the Buttermarket Centre, Ipswich to the National Grid Pension
Fund for a price of £54.7 million, at an equivalent yield of 5.9%. The Group expects to make an IRR of over 40% on the total
investment.
The Buttermarket Centre was held by the Company in a 50:50 joint venture with Drum Property Group. The initial consideration
for the whole joint venture was £19.6 million after repayment of associated debt of £19.9 million. A further consideration of
£8.0 million is contingent on the completion of the letting programme for the centre, which the Company is confident will be
achieved. The net proceeds to Capital & Regional are expected to be £13.5 million, of which £9.8 million was received on
completion. The investment in the joint venture had a carrying value in the Group’s accounts at 30 June 2016 of £13.6 million.
Capital & Regional will recycle the proceeds from the sale into new investment opportunities.
Buttermarket Ipswich Limited acquired the Buttermarket Centre in 2015 for £9.6 million, when it was 43% occupied by area, and
invested £25.1 million of capital to transform the scheme from a tired shopping centre into a vibrant retail and leisure destination.
A number of complicated asset management challenges were overcome in the process and the 235,000 sq ft centre is now 89% let
and is anchored by a 12 screen Empire cinema and family entertainment centre; relocated and upsized TK Maxx and New Look
units; a 20,000 sq ft Pure Gym; and nine new restaurant units now occupied by Coast to Coast, Byron, Wagamama, Prezzo and
Cosy Club.
Hugh Scott-Barrett, Chief Executive commented:
"The completion of such a complex and transformational project in just a two year period is a great showcase for our particular
expertise and asset management skills, and the IRR we have delivered is a strong testament to the success of the investment.
Following on from the successful sale of The Mall, Camberley, this disposal provides us with significant capital to reinvest into
higher yielding opportunities.”
Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014) prior to its release as part of this announcement.
20 February 2017
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. GBP 1 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 six shopping centres in Blackburn, Hemel Hempstead, Luton, Maidstone, Walthamstow and Wood
Green. It also has a 20% joint venture interest in the Kingfisher Centre in Redditch. Capital & Regional manages these assets,
which comprise over 830 retail units and attract c. 1.6 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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