Last checked at 8 Oct 2008 14:28
8 October 2008
CAPITAL & REGIONAL PLC
Completion of formation of German joint venture with Apollo
Capital & Regional plc, the co-investing property asset manager, announces the completion of the sale of approximately half of its German business to an investment fund managed by Apollo Real Estate Advisers ("Apollo"). A joint venture with Apollo has been formed to run the German business. The joint venture subsequently completed the buyout of the majority of the equity interests that the Hahn Group held in the German business.
Net cash proceeds received by Capital & Regional from the transactions before costs were £44.7m, which will be used to pay down existing bank debt.
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For further information:
Capital & Regional:
Hugh Scott-Barrett, Chief Executive Tel: 020 7932 8121
Charles Staveley, Group Finance Director Tel: 020 7932 8000
Maitland Tel: 020 7379 5151
Martin Leeburn / Emma Burdett
Notes to editors:
About Capital & Regional plc
Capital & Regional is the co-investing asset manager which specialises in town centre shopping centres, out of town retail parks, and urban entertainment complexes.
Capital & Regional founded the Mall and Junction Funds in conjunction with Morley Fund Management. It also founded the X-Leisure fund with Hermes Investment Management Limited, and has a number of other joint ventures and developments. Its shares are quoted on the London Stock Exchange.
For further information see www.capreg.com