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Capital & Regional acquires Ilford shopping centre

06 March 2017 09:39

Capital & Regional has unconditionally exchanged contracts for the acquisition of The Exchange Centre, Ilford, from a Meyer Bergman fund for £78m, reflecting a net initial yield of 6.70%.

Capital & Regional said the purchase was in line with the company's strategy of selectively acquiring dominant local shopping centres that provide the opportunity of accelerating income and capital growth by utilising Capital & Regional's asset management platform and expertise.

The acquisition, which comprises the purchase of a holding company that owns the property, will be funded from the group's existing cash resources, including recycling the proceeds from the recent successful disposals of The Mall Camberley and the group's Buttermarket Centre, Ipswich, joint venture, as well as through a new seven year debt facility of £39m, secured on the asset, with DekaBank Deutsche Girozentrale.

The total final consideration will involve a small adjustment for working capital amounts to be agreed shortly after completion.

The Exchange Centre is located opposite Ilford train station which will be rebuilt ahead of the opening of Crossrail, which is planned for 2019.

It has three trading levels with 77 units providing 300,000 sq ft of lettable space and a multi-storey car park with over 1,000 spaces.

The scheme is anchored by Debenhams and Marks & Spencer with other retailers including H&M, Next, River Island, Sports Direct, TK Maxx and Wilko.

The acquisition is expected to complete by 9 March.

At 9:39am: (LON:CAL) Capital Regional PLC share price was +0.63p at 59.38p

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