Sale of South Aylesford Retail Park
Capital & Regional plc announces that the Junction Fund has exchanged unconditional contracts for the sale of South Aylesford Retail Park, Maidstone to The Crown Estate for a price of £70.6m, in line with the June 2011 valuation.
Completion of the sale is anticipated to take place on 30 September 2011. The sale price reflects a NIY of 5.87%.
The Junction Fund has owned the retail park since January 2002. The scheme is fully occupied, the most recent transactions being the letting of 24,700 sq ft to DSG for a combined Currys and PC World store and a regear with Pets at Home.
The Junction Fund has disposed of the property as part of its strategy to focus on those properties that have greater asset management or development opportunities.
The sale of South Aylesford Retail Park, Maidstone is the third disposal by the Junction Fund to The Crown Estate, following Ocean Retail Park, Portsmouth in March 2011 and Morfa Shopping Park, Swansea in June 2011.
Following completion of this sale the Junction Fund bank debt will have been reduced by 63% since May 2009.
Capital & Regional has an interest of 13.4% in the Junction Fund.