Capital & Regional returns to profit
Published: 23 March, 2011
Strong recovery in pre-tax profits after prolonged downturn.
Capital & Regional, manager of the Mall, Junction and X-Leisure portfolios, has returned to profitability with pre-tax profits of £46.4m compared to a loss of £113.4m in 2009 2010 saw the sale of 18 properties for £627.1m million and the Mall Bristol and the Ocean Retail Park in Portsmouth have been sold since the year end, both at a premium to their year end valuation.
Significantly, The purchase of The Waterside Shopping Centre in Lincoln for £24.8m in January 2011 was the company's first acquisition since 2007.
The company also reported Improving occupancy with voids down 1.5 per cent to 4.1 per cent.
Chairman John Clare said "Capital & Regional has made significant progress in 2010. A year which began with the continued degearing of Group and fund balance sheets ended with a renewed emphasis on growth."
