Capital & Regional's Mall Fund sells shopping centre

Nov 27, 2009

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Property asset manager Capital & Regional said its Mall Fund has sold Bexleyheath Shopping Centre to LaSalle Investment Management for £97.9m including a sum of £3.3m conditional upon achieving rental uplifts on certain lease renewals.

The price of £97.9m represents a deemed net initial yield of 7.55%. The valuation of the centre at 30 September 2009 was £90.7m.

Completion of the sale is expected to occur in early December 2009.

Capital & Regional has an interest of 16.7% in the Mall Fund.

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