CAPITAL SHOPPING CENTRES GROUP PLC: Acquisition of Remaining 50% of Xscape Braehead, Glasgow
CAPITAL SHOPPING CENTRES GROUP PLC: Acquisition of Remaining 50% of Xscape Braehead, Glasgow 27 DECEMBER 2012
CAPITAL SHOPPING CENTRES GROUP PLC
Capital Shopping Centres announces acquisition of remaining 50% of
Xscape Braehead, Glasgow
Capital Shopping Centres (CSC) today announced that it has agreed terms to acquire Capital & Regional's 50% interest in Xscape Braehead for consideration of £4.0 million.
CSC will now own 100% of the Xscape Braehead Partnership which owns the 370,000 sq ft family entertainment destination adjacent to its Braehead shopping centre. Xscape Braehead combines `real' snow slopes with urban and lifestyle retailers, cool bars and restaurants, a 12 screen cinema, family attractions and extreme activities.
The Xscape Braehead Partnership had gross assets of £56.7 million at 30 June 2012 including property valued at £53.5 million, with debt of £45.6 million secured on the property. The Xscape Braehead Partnership generated net rental income of £3.2 million and profit before tax of £3.4 million, including a £2.8 million gain on revaluation of property in the year ended 31 December 2011.
Commenting on the acquisition Mike Butterworth, CSC's Chief Operating Officer, said:
"CSC is delighted to have secured sole ownership of Xscape Braehead. This highlights our focus on offering our visitors the most compelling retail and leisure destinations and underlines our commitment to the Braehead area which has considerable scope for further regeneration to the benefit of the local community."
Capital Shopping Centres Group PLC
Matthew Roberts Finance Director +44 (0)20 7960 1353
Simon Maynard Assistant Company Secretary +44 (0)20 7887 7108
UK Michael Sandler/Wendy Baker, Hudson +44 (0)20 7796 4133
SA Morné Reinders, College Hill +27 (0)11 447 3030
A copy of this announcement is available for download from our website at
NOTES TO EDITORS:
Capital Shopping Centres is the leading specialist UK regional shopping centre REIT.
We own and operate many of the very best shopping centres, in the strongest locations right across the country, attracting over 320 million customer visits a year. We estimate that half of the UK population, some 30 million people, visit a CSC centre every year and two thirds live within a 45 minute drive time of one of our centres.
With over 16 million sq ft of retail space, valued at £7 billion, every single
one of the UK's top 20 retailers is in our shopping centres, alongside some of the world's most iconic global brands.
We own ten of the UK's top 25 shopping centres including The Trafford Centre, Lakeside, Metrocentre, Braehead, and The Mall at Cribbs Causeway, and in-town prime destinations such as Cardiff, Manchester, Newcastle, Norwich, Nottingham, Bromley, Uxbridge, Watford and Stoke-on-Trent.
In November 2011, we acquired Broadmarsh shopping centre in Nottingham bringing our portfolio to 15 centres.
We are fully committed to supporting our local communities and the wider environment through meaningful and hands-on initiatives.
For further information see www.capital-shopping-centres.co.uk
This announcement contains "forward-looking statements" regarding the belief or current expectations of Capital Shopping Centres Group PLC, its Directors and other members of its senior management about Capital Shopping Centres Group PLC's businesses, financial performance and results of operations. These forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Capital Shopping Centres Group PLC and are difficult to predict, that may cause actual results, performance or developments to differ materially from any future results, performance or developments expressed or implied by the forward-looking statements. These forward-looking statements speak only as at the date of this announcement. Except as required by applicable law, Capital Shopping Centres Group PLC makes no representation or warranty in relation to them and expressly disclaims any obligation to update or revise any forward-looking statements contained herein to reflect any change in Capital Shopping Centres Group PLC's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Any information contained in this announcement on the price at which shares or other securities in Capital Shopping Centres Group PLC have been bought or sold in the past, or on the yield on such shares or other securities, should not be relied upon as a guide to future performance.
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