Capital & Regional increases stake in The Mall Fund to 26%
Capital & Regional, the specialist retail property company, today announces that it has completed the acquisition of 49.657 million units in The Mall Fund of UK Shopping Centres from Friends Life Limited for a total consideration of £16.9 million. Based on the published 30 September 2013 unit value the net asset value of the units acquired is £18.0 million. In addition to the above, a further 3.889 million units have been acquired from various other parties for a total consideration of £1.3 million.
The acquisitions were funded from cash reserves. Based on 30 September 2013 valuations these transactions will increase the Group's EPRA Net Asset Value by approximately £2.5 million and the Group's holding in The Mall Fund will increase from 20.3% to 26.0%.
Hugh Scott-Barrett, Chief Executive commented:
"Following on from the recent disposal of the Great Northern Warehouse leisure scheme in Manchester the acquisition of these units represents an attractive opportunity to recycle capital into assets with significant asset management initiatives and growth potential. The Mall Fund remains central to our future strategy."