5th Jan 2011 10:33
5 January 2011
CAPITAL SHOPPING CENTRES GROUP PLC
COMPLETION OF US TRANSACTION WITH EQUITY ONE
Capital Shopping Centres Group PLC ("Capital Shopping Centres") has completed the agreement entered into in May 2010 pursuant to which Equity One, Inc. ("Equity One") has acquired Capital Shopping Centres' U.S. subsidiary, Capital and Counties USA., Inc. ("C&C USA"), through a joint venture with Capital Shopping Centres. In connection with the transaction, Capital Shopping Centres will receive 4.1 million shares of Equity One common stock and 11.4 million joint venture units. Capital Shopping Centres may redeem its units in the joint venture for cash or, at Equity One's option, Equity One common stock (on a one-for-one basis). The closing price per Equity One share as at 3 January 2011 was $18.39.
Capital Shopping Centres intends to retain its interest in Equity One and the joint venture in order to participate in its growth potential.
ENQUIRIES:
Capital Shopping Centres Group PLC: | +44 (0) 207 887 4220 | ||
David Fischel | Chief Executive | ||
Kate Bowyer | Investor Relations | ||
This announcement includes statements that are forward-looking in nature. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Capital Shopping Centres Group PLC to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Any information contained in this announcement on the price at which shares or other securities in Capital Shopping Centres Group PLC have been bought or sold in the past, or on the yield on such shares or other securities, should not be relied upon as a guide to future performance.
Merrill Lynch International ("Bank of America Merrill Lynch"), a subsidiary of Bank of America Corporation, is acting exclusively for Capital Shopping Centres Group PLC in connection with this transaction and for no one else and will not be responsible to anyone other than Capital Shopping Centres Group PLC for providing the protections afforded to its clients or for providing advice in relation to this transaction.
Related Shares:
INTU.L