C&R increases stake in The Mall Fund to 29.26%

Capital & Regional, the specialist retail property company, today announces that it has agreed the acquisition of a total of 30.689 million units in The Mall Shopping Centre Fund ("The Mall Fund"), increasing the Group's holding from 26.0% to 29.26%.  

Based on 30 September 2013 valuations, these transactions will increase the Group's EPRA Net Asset Value by approximately £0.4 million. The acquisitions will be funded from the Company's existing cash reserves. 

The units were acquired through a number of transactions as follows:

  • The Company acquired 25.0 million units, representing 2.65% of the total number of units in The Mall Fund, from APG Asset Management, for a consideration of £8.75 million, subject to a potential additional contingent amount that is not expected to be material.  Based on the published 30 September 2013 unit value, the net asset value of these units acquired is £9.05 million.  Under the terms of the acquisition, Capital & Regional will receive any unpaid income distributions outstanding or made subsequent to completion.
  • In addition, the Company has acquired a further 5.689 million units in The Mall Fund from other parties for a total consideration of £1.93 million.

Hugh Scott-Barrett, Chief Executive commented:

"These latest acquisitions of units follow on from the purchases announced on 2 December 2013 and bring our holding to just under 30%.  The increase in our stake demonstrates our strong commitment to The Mall Fund, which we regard as core to our ongoing strategy to grow the Company and enhance value for investors." 

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