Capital & Regional plc Capital Markets Day and Trading update (3585Y)
05 December 2017 - 6:00PM
UK Regulatory
TIDMCAL
RNS Number : 3585Y
Capital & Regional plc
05 December 2017
5 December 2017
Capital & Regional plc
("Capital & Regional" or the "Company" or "Group")
Capital Markets Day and Trading update
Capital & Regional (LSE: CAL), the UK focused Community
Shopping centre REIT will today host a Capital Markets Day and
visit to The Exchange Shopping Centre in Ilford for analysts and
investors. In advance of the Capital Markets Day, the Company would
like to provide the following update on current trading.
Trading update(1)
-- Passing Rent was GBP61.1 million at 30 November 2017, up
GBP1.2 million or 2% from 30 June 2017. The opening of major new
units for Lidl and The Gym in Walthamstow, as well as the
Travelodge at Wood Green, have contributed to the uplift.
-- The strong momentum in letting activity generated in the
first half of the year has continued since 30 June 2017. In the
five months to 30 November 2017 there were 15 new lettings and 18
lease renewals totalling GBP1.9 million in contracted income, at a
combined premium to ERV(2) of 7.1%.
-- Total occupancy has increased to 96.6% at 30 November 2017, up from 95.5% at 30 June 2017.
-- Footfall across the Company's shopping centres in the 21
weeks since the half year has increased by 0.2%(3) , significantly
outperforming the national index which fell by 2.7%, reflecting the
ongoing strength of Capital & Regional's proposition against
the evolving retail backdrop.
-- Good progress has been made on the cost reduction programme,
with the business on track to meet the targeted annualised savings
of at least c. GBP1.8 million by 2018, equivalent to a c. 20%
reduction in 2016 central costs.
-- Management reiterates its guidance for the total Full Year
2017 dividend at top end of the stated 5% to 8% per annum growth
range.
Commenting on the Company's strategy Lawrence Hutchings, Chief
Executive, said:
"In the short period since joining Capital & Regional in
June 2017, the team and I have carried out a detailed review of the
business, including the important role that our community shopping
centres play in the rapidly evolving retail marketplace. A crucial
part of this process has been the direct engagement we have
undertaken with a wide ranging group of stakeholders, including
members of the local communities that our centres serve, together
with in-depth external research.
"The results of all of this work, which we will share at today's
Capital Markets Day, provide me with even greater confidence than
when I first joined that our shopping centres, which are entrenched
in their local communities, will continue to play a critical role
in serving the "needs" based end of consumer demand. Capital &
Regional's experience and management expertise present us with a
significant opportunity to redefine and take further ownership of
this specialised sector, in which rebased affordable rents provide
occupiers with a competitive base for future growth in local
centres that continue to be the engine room for retailers'
profits."
Materials from today's Capital Markets Day, together with a
recording of the presentations, will be made available on the
Company's website at
http://capreg.com/investor-relations/default.html. No further new
trading information will be released.
(1) Wholly-owned portfolio unless otherwise stated.
(2) For lettings and renewals (excluding development deals) with
a term of five years or longer and which did not include a turnover
element.
(3) Excluding entrances impacted by development work.
- ENDS -
For further information:
Capital & Regional plc 020 7932 8000
Lawrence Hutchings
Charles Staveley
FTI Consulting 020 3727 1000
Richard Sunderland
Claire Turvey
capreg@fticonsulting.com
About Capital & Regional plc
Capital & Regional is a UK focused specialist property REIT
with a strong track record of delivering significant value
enhancing retail and leisure asset management opportunities across
its c. GBP1 billion portfolio of in-town, dominant community
shopping centres.
Capital & Regional owns seven shopping centres in Blackburn,
Hemel Hempstead, Ilford, Luton, Maidstone, Walthamstow and Wood
Green. It also has a 20% joint venture interest in the Kingfisher
Centre in Redditch. Capital & Regional manages these assets
through its in-house expert property and asset management
platform.
For further information see capreg.com.
Forward Looking Statements
This document contains certain statements that are neither
reported financial results nor other historical information. These
statements are forward-looking in nature and are subject to risks
and uncertainties. Actual future results may differ materially from
those expressed in or implied by these statements. Many of these
risks and uncertainties relate to factors that are beyond Capital
& Regional's ability to control or estimate precisely, such as
future market conditions, currency fluctuations, the behaviour of
other market participants, the actions of governmental regulators
and other risk factors such as the Group's ability to continue to
obtain financing to meet its liquidity needs, changes in the
political, social and regulatory framework in which the Group
operates or in economic or technological trends or conditions,
including inflation and consumer confidence, on a global, regional
or national basis. Readers are cautioned not to place undue
reliance on these forward-looking statements, which apply only as
of the date of this document. Capital & Regional does not
undertake any obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after
the date of this document. Information contained in this document
relating to the Group should not be relied upon as a guide to
future performance.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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