8th Jul 2014 09:39
LONDON (Alliance News) - Capital & Regional PLC Tuesday said its Mall portfolio was valued at GBP705.2 million on June 30, up 3.0% from GBP684.7 million at the end of March, representing a net initial yield of 6.48% at the end of June.
Capital & Regional currently owns 29.26% of the Mall portfolio, but said last month that it will buy a further 62.56% stake as long as its shareholders approve the deal.
The Mall Fund consists of shopping centres in Blackburn, Luton and Wood Green, London. Capital & Regional is buying Aviva PLC's 52.04% stake and Karoo Investment Fund's 10.52% stake in a deal worth GBP213 million.
"Prior to adjustment for performance fees, the price being paid per unit is 36.1360 pence with the sellers also having an entitlement to income from April 1, 2014 to completion of the transaction, which is estimated to be 0.4962 pence per unit," it said in a statement.
Capital & Regional shares were down 0.3% at 47.00 pence Tuesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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