11th May 2007 07:00
Capital & Regional plc10 May 2007 10 May 2007 CAPITAL & REGIONAL PLC: CARDIFF RETAIL DEVELOPMENT GAINS FINAL APPROVALS Capital & Regional plc, the co-investing property asset manager, today announcesthat a major new retail development in Cardiff has received all final approvalsand is to proceed. The development will create a new retail centre, CapitalRetail Park, alongside a new stadium for Cardiff City Football Club. Capital Retail Park Partnership, which will develop the 470,000 sq ft retailpark element of the scheme, is a 50/50 joint venture between Capital & Regionaland local developer PMG. Capital Retail Park Partnership has bought the retail park site from CardiffCouncil for £34.7m. The Council will put this sum towards the £58m cost ofbuilding the new football stadium. One end of the retail park terrace is to be anchored by a 132,500 sq ft Costcowarehouse. The other end has been sold to Asda which will be building a 90,000sq ft supermarket. Other lettings on the terrace, including mezzanine space,are to Marks & Spencer which has pre-let 49,000 sq ft and JJB sports which haspre-let 47,000 sq ft. John Gatley of Capital & Regional plc comments: "We are delighted to be a partof this important development for Cardiff, not only for its Football Club, butalso for all the economic and social benefits that a development of this scalewill bring to the local community. In adding M&S to the line up of shops atCapital Retail Park, which currently includes Asda, Costco and JJB Sports, weare creating a vibrant retail centre for shoppers that complements both thestadium development and the wider retail offer in Cardiff today." - ends - 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: www.capreg.com About PMG PMG is a commercial property developer with expertise covering the core areas ofretail, office and industrial development. Site assembly and related planningissues are further areas of specialisation. It commenced trading in July 1997and was capitalised with £1.5m share capital. For further information see: www.pmg-plc.com/ - ENDS - For further information: Capital & Regional:Martin Barber, Chief Executive Tel. 020 7932 8101 Redwood Consulting:Kate Hewson Tel: 020 7828 5553 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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