Capital & Regional still under pressure

20th Jul 2009 07:32

Property fund manager Capital & Regional has seen further falls in the value of its portfolios in the last three months, though occupancy level were broadly unchanged.NAV of the 16.7% owned Mall fund fell by 9.3% to 23.8p between March and June. The 13.4% owned Junction fund NAV fell by 4.4% to 23.7p, while the 19.4% owned X-Leisure fund fell by 2.7% to 40.3p."Conditions in the retail property market remain challenging. Occupancy levels, however, are broadly unchanged quarter on quarter with fewer tenants entering into administration in the Mall in the second quarter, it said."Progress has also been made in renegotiation of the group's banking covenants. As part of the overall package that is under discussion, waivers have been agreed until 30 September 2009," it added.