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Disposal of The Mall, Blackburn
CAPITAL & REGIONAL PLC
(Incorporated in the United Kingdom)
(UK company number 01399411)
LSE share code: CAL JSE share code: CRP
LEI: 21380097W74N9OYF5Z25
ISIN: GB00BL6XZ716
("Capital & Regional" or "the Company" or the "Group")
DISPOSAL OF THE MALL, BLACKBURN
Capital & Regional, the UK convenience and community focused shopping centre REIT has exchanged
contracts for the sale of The Mall, Blackburn to the retail arm of the Adhan Group of Companies for
£40 million in cash. This represents a premium to the December 2021 valuation of £38.2 million.
Completion of the sale, which is subject to local authority freeholder consent, is expected to take place
around the end of June 2022.
The Mall, Blackburn contributed approximately £3.7 million to the Group's Net Rental Income for the year
ended 30 December 2021. The net cash proceeds of approximately £39 million will be used to repay debt
secured on the property as part of The Mall loan facility. The sale will reduce the Group's Net Loan to
Value ("LTV") ratio by approximately 600 basis points. A combination of this disposal, the anticipated
Walthamstow residential receipt and the discounted purchase of debt on Hemel Hempstead would reduce
the Group's Net LTV ratio, on a proforma basis, from 49%, at December 2021, to approximately 41%.
Lawrence Hutchings, Chief Executive, commented:
"The sale of The Mall, Blackburn at a premium to its December 2021 valuation provides further evidence
of the stabilisation of asset values as well as renewed investor confidence in the sector and allows us to
make another material reduction to Group leverage.
Together with the debt restructure and equity raise late last year, the recent acquisition of the Hemel
Hempstead debt at a significant discount and major leasing commitments and loan amendments in Ilford,
which we announced last week, this transaction represents a further significant milestone in restructuring
the financial and operational position of the Group. These ongoing improvements give Capital & Regional
a solid platform from which to look to continue to execute our strategy for growth and support our plans
for the resumption of dividend payments in the second half of the year.
I would like to thank the Blackburn centre team for their hard work and dedication during their time as
part of the Capital & Regional Group. We have been a large part of this vibrant, diverse and important
community for over 20 years, and we wish the community, our retailers and the local council continued
success as the centre embarks on its next phase under new local ownership."
24 May 2022
JSE sponsor
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Notes to editors:
About Capital & Regional plc
Capital & Regional is a UK focused retail property REIT specialising in shopping centres that dominate
their catchment, serving the non-discretionary and value orientated needs of the local communities. It has
a strong track record of delivering value enhancing retail and leisure asset management opportunities
across its portfolio of in-town shopping centres.
Using its in-house expert property and asset management platform Capital & Regional owns and / or
manages eight shopping centres in Blackburn, Hemel Hempstead, Ilford, Luton, Maidstone, Redditch,
Walthamstow and Wood Green.
Capital & Regional is listed on the main market of the London Stock Exchange (LSE) and has a secondary
listing on the Johannesburg Stock Exchange (JSE)
For further information see capreg.com/
Date: 24-05-2022 08:00:00
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