Capital & Regional Completes Sale Of MEN Arena For GBP62.2M

16th Jun 2010 07:43

LONDON (Dow Jones)--Capital & Regional PLC (CAL.LN), a co-investing property asset manager, said Wednesday it has, together with its joint venture partner, completed the sale of the companies that own the Manchester Evening News Arena to subsidiaries of Development Securities PLC (DSC.LN) for GBP62.2 million. MAIN FACTS: -The transaction reflects a price paid for the property of GBP62.2 million at a net initial yield of 7.15% which is a small premium to the Dec. 31 2009 valuation. -The Group held a 30% interest in the property. -Shares closed at 30.25 pence Tuesday. -By Elliott Ball, Dow Jones Newswires; 44-20-7842-9314; [email protected] (END) Dow Jones Newswires June 16, 2010 02:43 ET (06:43 GMT)