Capital & Regional Sells 4 Shopping Centers For GBP136M

25th Jun 2010 15:23

LONDON (Dow Jones)--Capital & Regional PLC (CAL.LN) Friday announces that The Mall Fund has conditionally exchanged contracts with clients of Rockspring Property Investment Managers, for the sale of four shopping centers at a price of GBP136 million, reflecting a net initial yield of 7.5%. MAIN FACTS: -The sale is conditional upon a number of matters including the approval of the holders of loan notes in The Mall Fund to a restructuring of the terms of the loan notes. -The changes to the terms of the loan notes are required because whilst the sales price for these assets is in excess of the most recent valuation, it is below the minimum release price provided for in the loan agreement. -The centers involved are:- -The Eastgate Shopping Centre, Gloucester -The Marlands Shopping Centre, Southampton -The Liberty 2 Shopping Centre, Romford -The Howgate Shopping Centre, Falkirk -Capital & Regional has an interest of 16.7% in The Mall Fund. -Shares at 1422 GMT down 0.3 pence, or 0.8%, at 29.5 pence. -By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; [email protected] (MORE TO FOLLOW) Dow Jones Newswires June 25, 2010 10:23 ET (14:23 GMT)