23rd Nov 2006 07:01
Capital & Regional plc23 November 2006 23 November 2006 CAPITAL & REGIONAL PLC ANNOUNCES €50M GERMAN BIG-BOX RETAIL ACQUISITIONS Capital & Regional plc, the co-investing property asset manager, today announcesfurther acquisitions in its joint venture with the German property group Hahn, aspecialist in this sector. A portfolio of four 'big box' out of town retail stores has been acquired for€50m, consisting of 35,460 sq m producing €3.46m per annum with a net initialyield of approximately 6.6% after non-recoverable costs. Tenants include Real(Metro), Edeka and Globus DIY in Leverkusen, Tier, Hoesbach and Sobernheim. These properties are managed by Hahn Group which has a 10% share in the venture. The C&R portfolio now comprises 30 principal properties with a total floor areaof 360,000 sq m. Xavier Pullen, Deputy Chief Executive of Capital & Regional plc, says "We set upthe joint venture with Hahn Group in July 2005, having researched the out oftown big box retail market in some detail. This acquisition includes an existingHahn closed end fund and 3 open market acquisitions. We have been operating inGermany for some time and have a pipeline of further acquisitions to add to thisjoint venture". Bernhard Schoofs, Chief Executive of the Hahn Group says "We are pleased toannounce an expansion of our joint venture with Capital & Regional, havingrecently successfully completed our IPO, raising new equity. We continue to lookfor opportunities to invest together in our joint venture". - ends - For further information: Capital & Regional Xavier Pullen, Deputy Chief Executive Tel: 020 7932 8040William Sunnucks, Group Finance Director Tel: 020 7932 8125 Maitland Martin Leeburn Tel: 020 7379 5151Emma Burdett Tel: 020 7379 5151 Appendix: The individual properties purchased are as follows: Sobernheim - total lettable area 7,387 sq m on a total plot size of 27,600 sq mlet to Wal Mart, now part of real - Metro Group. Leverkusen - total lettable area 5,000 sqm on a total plot size of 12,061 sq mlet to Edeka. Hoesbach - total lettable area of 12,000 sq m let to Globus DIY on a total plotsize of 37,272 sq m. Trier-Kenn - total lettable area of 11,634 sq m on a total plot size of 40,471let to Wal Mart, now part of Real - Metro Group. About Capital & Regional plc Capital & Regional is the co-investing asset manager which specialises in towncentre shopping centres, out of town retail parks, and urban entertainmentcomplexes. Capital & Regional founded the Mall and Junction Funds in conjunction withMorley Fund Management. It also founded the X-Leisure fund with HermesInvestment Management Limited, and has a number of other joint ventures anddevelopments. Its shares are quoted on the London Stock Exchange. For further information see www.capreg.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Capital & Regional