12th Sep 2006 07:01
Capital & Regional plc12 September 2006 12 September 2006 CAPITAL & REGIONAL PLC: THE JUNCTION REBALANCES ITS PORTFOLIO WITH RETAIL PARK DISPOSALS Capital & Regional plc, the co-investing property asset manager, today announcesthat leading retail park owner and operator, The Junction, has recentlycompleted the sale of four of its retail parks for a combined total of£159.8million. Allied Irish Bank Private Banking represented by Cheval has purchased the211,652 sq ft Euro Retail Park in Ipswich for £66.34million, reflecting a netinitial yield of 4.44% and an equivalent yield of 5.38%. Euro Retail Park islet to Carpetright, Halfords, Hughes, MFI, JJB Sports, Allied Carpets andDreams. Burger King and Frankie & Benny's also operate from the park. Glanmore Property Fund has purchased Beckton Retail Park for £49.7million,reflecting a net initial yield of 5.09% and an equivalent yield of 5.84%.Retailers on the 192,128 sq ft Beckton Retail Park include Big W, Matalan, JJBSports, Land of Leather and Dreams. Tulip Retail Park in Leeds has been purchased by the BBC Pension Fund for£16million, reflecting a net initial yield of 4.19% and an equivalent yield of7.32%. Propinvest Holdings Ltd has purchased Renfrew Retail Park, Renfrew for£27.75million reflecting a net initial yield of 6.27% and an equivalent yield of6.27%. The 243,155 sq ft retail park is let to retailers including AlliedCarpets, Harveys, MFI, Land of Leather, Matalan and JJB Sports. Commenting on the transactions, Andy Lewis-Pratt, Chief Executive of TheJunction said: "The Junction is rebalancing its portfolio to significantlyincrease the Open A1 content of its property holdings. Several majorrefurbishments and redevelopments are currently ongoing across our portfolio andwe are now in the market to acquire new product." The Junction owns and operates a £1.35 billion destination retail parkportfolio. Capital & Regional and Morley Fund Management set up The Junction in2002. Notes to editors: 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 Morley Fund Management Firms within the Morley group of companies manage £157bn from offices around theworld as at 30 June 2006. The property team manages in excess of £23bn of UKand European property assets, making Morley the largest property fund manager inEurope. Awards 2006 • 2006, Property Fund Manager of the Year, Pensions Management Awards• 2006, Property Fund Manager of the Year, Property Week Awards• 2006, Outstanding Company of the Year Award, CEE Real Estate Quality Awards• 2006, Investor of the Year Award, CEE Real Estate Quality Awards The property team consists of 70 investment professionals and manages a range offunds on behalf of institutional, pension and retail clients. For further information, visit: www.morleyproperty.com - ENDS - For further information: Capital & Regional:William Sunnucks, Group Finance Director Tel. 020 7932 8101 Redwood Consulting:Kate Hewson/Pia Choudhury Tel: 020 7828 5553 Hudson SandlerMichael Sandler Tel: 020 7796 4133 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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