Capital & Regional Share News (CAL)

Property fund manager Capital & Regional's full year pre-tax loss dropped to £113m compared a loss of £516m in 2008 and it is still cautious over the direction of rental values.Last year was hit by falling valuations and dilutions as a result of the part-sale of the German portfolio and capital raisings by the three UK funds since June 2008. Recurring pre-tax profits were £17m in 2009 compared to £28m for 2008.Basic and EPRA net asset values per share as at 30 December 2009 were 37p and 47p compared to restated figures of £1.30 and £1.74 at end 2008. "We anticipate tenant markets remaining challenging throughout this year and the bad weather at the start of 2010 has been an additional factor. Administrations are running at much lower levels than last year but there is still evidence that retailers are facing headwinds which means that the downward pressure on rental values is likely to continue for the foreseeable future," C&R added.