Capital & Regional, manager of the Mall, Junction and X-Leisure funds, has reported a sustained improvement in both the investment and occupational markets. It is taking advantage of the upturn to sell properties.
Reflecting the broader strength of investment markets, the valuations of each of the UK funds have improved in the fourth quarter of 2009. Uplifts over the quarter ranged from 1.3 per cent for X-Leisure to 4.9 per cent for the Mall and 10.6 per cent for The Junction. The gearing effect means unit values react even more strongly and units in the X-Leisure fund rose by 13.1 per cent over the quarter with the Mall growing by 28.1 per cent and the Junction by 30.5 per cent.
The upturn in the investment market has allowed the funds to dispose of assets, and Capital & Regional aims to sell properties which have limited asset management opportunities or are in need of refinancing. The Junction Fund raised £81.74m from sales of properties in Aberdeen and Slough; and the Mall Bexleyheath was sold late last year. Another two Mall properties have been placed under offer.
At the same time conditions in tenant markets have continued to improve. Capital & Regional says rent collection levels have improved, the number of tenants in administration has fallen and occupancy levels have remained stable.
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