Capital & Regional announces sale of 50% stake in Xscape Braehead
Capital & Regional, the specialist retail property company, today announces the sale of its 50% stake in Xscape Braehead, Glasgow, to it's joint venture partner Capital Shopping Centres ( "CSC" ) .
The consideration is £4M cash, net of its share of related property debt .
At 30th June 2012 the property valuation was £53.5M with associated debt of £45.6M, with the Group share of NAV being £4.5M .
The 374,000 square foot Urban Entertainment Complex, was constructed from 2004 and is located adjacent to CSC's Braehead Shopping Centre and retail park, on the outskirts of Glasgow.
Capital & Regional Chief Executive Hugh Scott-Barrett commented:
"Following the sale of our holding in the Junction Fund and with the proposed disposal of our X-Leisure interests, this successful sale to our JV partner continues the execution of our strategy of selling non-core assets to concentrate on our core UK shopping centre activities.
Our association with CSC has been both enjoyable and productive and we wish them continued success with their Braehead ambitions"