Capital&Regional to sell Morfa Shopping Park to Crown Estate

24th Jun 2011 10:20

Shopping centre owner Capital & Regional has today announced that its Junction Fund will sell Morfa Shopping Park Swansea to The Crown Estate for a price of £80.2m. Completion of the sale is anticipated to take place on 27 June 2011.The sale price reflects a NIY of 5.80% and a premium to the 31 March 2011 valuation. Morfa Shopping Park Swansea is fully let, after completing the recent letting of 30,000 sq ft to DSG for a combined Currys and PC World store.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 Morfa Shopping Park Swansea is the fourth disposal by the Junction Fund since the start of 2010, and the second to The Crown Estate following Ocean Retail Park Portsmouth in March 2011. Following completion of the sale of Morfa Shopping Park Swansea, Junction Fund bank debt will have been reduced by 54% since May 2009.As of 15:19PM London time shares of Capital&Regional are rising by 1.3%, to 39.75p, in London trading. AB