Capital & Regional (CAL)

Sector:

Real Estate

Index:

FTSE Small Cap

62.80p
   
  • Change Today:
    -0.40p
  • 52 Week High: 71.40p
  • 52 Week Low: 49.20p
  • Currency: UK Pounds
  • Shares Issued: 233.00m
  • Volume: 69,459
  • Market Cap: £146.32m
  • RiskGrade: 438

Capital & Regional completes sale of Buttermarket Centre

By Josh White

Date: Monday 20 Feb 2017

LONDON (ShareCast) - (ShareCast News) - Capital & Regional announced on Monday that it completed the sale of the Buttermarket Centre, Ipswich to the National Grid Pension Fund for a price of £54.7m, at an equivalent yield of 5.9%.
The London-listed firm said it expected to make an internal rate of return of over 40% on the total investment.

It held the Buttermarket Centre in a 50:50 joint venture with Drum Property Group.

The initial consideration for the whole joint venture was £19.6m after repayment of associated debt of £19.9m.

A further consideration of £8.0m remained contingent on the completion of the letting programme for the centre, which the company was confident would be achieved.

The net proceeds to Capital & Regional were expected to be £13.5m, of which £9.8m was received on completion.

Capital & Regional said the investment in the joint venture had a carrying value of £13.6 million in the group's accounts on 30 June 2016, and it will recycle the proceeds from the sale into new investment opportunities.

Buttermarket Ipswich acquired the Buttermarket Centre in 2015 for £9.6m, when it was 43% occupied by area, and invested £25.1m of capital to transform the scheme from a "tired" shopping centre into a "vibrant" retail and leisure destination, the board explained.

It said a number of "complicated asset management challenges" were overcome in the process and the 235,000 sq ft centre was now 89% let, anchored by a 12 screen Empire cinema and family entertainment centre, relocated and upsized TK Maxx and New Look units, a 20,000 sq ft Pure Gym, and nine new restaurant units now occupied by Coast to Coast, Byron, Wagamama, Prezzo and Cosy Club.

"The completion of such a complex and transformational project in just a two year period is a great showcase for our particular expertise and asset management skills, and the IRR we have delivered is a strong testament to the success of the investment," said chief executive Hugh Scott-Barrett.

"Following on from the successful sale of The Mall, Camberley, this disposal provides us with significant capital to reinvest into higher yielding opportunities."

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

CAL Market Data

Currency UK Pounds
Share Price 62.80p
Change Today -0.40p
% Change -0.63 %
52 Week High 71.40p
52 Week Low 49.20p
Volume 69,459
Shares Issued 233.00m
Market Cap £146.32m
RiskGrade 438

CAL Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
84.47% above the market average84.47% above the market average84.47% above the market average84.47% above the market average84.47% above the market average
89.47% above the sector average89.47% above the sector average89.47% above the sector average89.47% above the sector average89.47% above the sector average
Price Trend
75.79% above the market average75.79% above the market average75.79% above the market average75.79% above the market average75.79% above the market average
85.37% above the sector average85.37% above the sector average85.37% above the sector average85.37% above the sector average85.37% above the sector average
Income
94.11% above the market average94.11% above the market average94.11% above the market average94.11% above the market average94.11% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Growth
91.07% below the market average91.07% below the market average91.07% below the market average91.07% below the market average91.07% below the market average
83.33% below the sector average83.33% below the sector average83.33% below the sector average83.33% below the sector average83.33% below the sector average

What The Brokers Say

Strong Buy 2
Buy 2
Neutral 0
Sell 0
Strong Sell 0
Total 4
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

CAL Dividends

  Latest Previous
  Interim Final
Ex-Div 05-Sep-24 11-Apr-24
Paid 27-Sep-24 07-Jun-24
Amount 2.85p 2.95p

Trades for 31-Oct-2024

Time Volume / Share Price
16:35 22,786 @ 62.80p
16:35 3,022 @ 62.80p
16:35 8,481 @ 62.80p
16:35 10,000 @ 62.80p
16:35 1,283 @ 62.80p

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