14th Dec 2007 07:01
Capital & Regional plc14 December 2007 14 December 2007 CAPITAL & REGIONAL PLC: VALUATION OF MALL, JUNCTION AND X-LEISURE FUNDS Capital & Regional plc, the co-investing property asset manager, today announcedthat the unit values of the Mall Limited Partnership, the Junction LimitedPartnership and the X-Leisure Limited Partnership as at 30 November 2007 were asfollows: Valuation of Unit value Unit value at Underlying Change in Units owned C&R Unit value properties at 31 December valuation unit value by C&R percentage at 30 30 November 2006 change % (geared) of fund November 2007 YTD YTD 2007 (1) (2) (incl MTM) (3) Mall Fund £3,006,787,784 £2.0652 £2.4883 (7.9)% (17.0)% 157,742,057 24.2% £2.1040 Junction £1,316,651,402 £2.1720 £2.8481 (13.6)% (23.7)% 85,000,000 27.3% £2.2276Fund X-Leisure £977,900,000 £1.8062 £1.7586 2.5% 2.7% 51,949,578 19.4%Fund Capital & Regional CEO, Martin Barber, said: "During November there has been a significant downward movement in the value ofthe Mall and Junction funds, in line with current market sentiment. Thereduction in capital values is likely to lead to a claw back of some of theperformance fees earned in 2006. This claw back is payable by Capital &Regional Property Management to the funds, so we recover some of the cost asco-investor. We expect to provide fully in our 2007 accounts and currentlyestimate that the net impact of claw back on NAV will be between 30p and 50p pershare. The tenant market has been healthy and our focus remains on the activemanagement of our five portfolios." Notes: (1) The underlying valuation change shows the increase/(decrease) in the value of the portfolio as a percentage of opening value adjusted for additions and disposals, over the eleven months. (2) The change in unit value reflects the movement in the capital value (excluding the impact of debt mark to market adjustments) of the fund over the eleven months. Investors separately benefit from quarterly distributions of net income and periodic capital distributions. Capital distributions to fund unit holders reduce the unit price. In the year Mall unit holders have received capital distributions of £0.04 per unit, Junction unit holders have received £0.03 per unit and X-Leisure unit holders have received £0.005 per unit. (3) MTM - mark to market unit value including the surplus on revaluation of interest rate swaps and fixed interest debt. - ENDS - For further information: Capital & Regional:Martin Barber, Chief Executive Tel: 020 7932 8101William Sunnucks, Group Finance Director Tel: 020 7932 8125 MaitlandMartin Leeburn Tel: 020 7379 5151Emma Burdett Tel: 020 7379 5151 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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