Capital & Regional plc STRATEGIC RESIDENTIAL DEVELOPMENT PARTNERSHIP (1894L)
09 Septiembre 2021 - 1:01AM
UK Regulatory
TIDMCAL
RNS Number : 1894L
Capital & Regional plc
09 September 2021
9 September 2021
CAPITAL & REGIONAL PLC ("Capital & Regional" or "the
Company" or "the Group")
UK company number 01399411
LSE share code: CAL
ISIN: GB00BL6XZ716
LEI: 21380097W74N9OYF5Z25
STRATEGIC RESIDENTIAL DEVELOPMENT PARTNERSHIP
Capital & Regional, the UK convenience and community focused
shopping centre REIT, is pleased to announce it has signed an
exclusivity agreement with a subsidiary of Far East Consortium
International Limited ("FEC"), a leading international real estate
developer, specialising in high quality residential, hotel and
mixed-use developments in the UK, Asia and Australia. The agreement
will see the two groups work together over the next 18 months to
identify and bring forward the development of new residential
opportunities across the group's shopping centre portfolio.
While the primary aim of the partnership is to facilitate
projects that will enhance asset value and/or generate potential
land receipts for Capital & Regional, it will also assess where
community retail and services might be added to FEC's existing
portfolio and pipeline, as well as seek new projects where the
collective expertise and resources of the partnership could be
utilised.
This decision to partner with a well-capitalised, experienced
and focussed residential and hotel developer is a continuation of
our strategy to reposition our assets to meet the structural
changes in retail and the shift to community and sustainable
15-minute neighbourhoods. As part of this, the Group has already
looked to extract value from the portfolio in a variety of ways.
These have included the successful disposal of an adjoining land
plot at Wood Green for residential development and our progress in
securing a significant residential-led planning consent at
Walthamstow, which will see the development of 495 Build to Rent
apartments in the heart of the town centre.
Listed on the Hong Kong Stock Exchange and with a market cap of
around HK$6.7 billion, FEC is already active in the UK and has a
strong track record in residential and mixed use developments. It
has the experience and resources required to realise large scale,
urban mixed use developments and the ability to assess
opportunities at pace and work up deliverable residential
development scenarios. These attributes are highly complementary to
the Capital & Regional management team's proven ability to
reposition and curate existing retail and services while enriching
communities and creating desirable, sustainable neighbourhoods
where people want to live, work, shop, access services and
dine.
Lawrence Hutchings, CEO of Capital & Regional said: "Both
FEC's and our own management team recognise the importance of
sustainable mixed-use urban environments that enhance the sense of
place and serve their local communities. The combination of our
existing skills and resources will help to unlock further
opportunities to create these across, and potentially beyond, our
existing estate.
"We have already demonstrated that residential can play an
integral role in repositioning existing retail property, especially
in greater London, and are therefore pleased to formalise our
relationship with FEC, having known the business well for several
years. We believe this agreement is a further demonstration of our
team's ability to take a highly innovative approach to the
management of our community centres and the potential our portfolio
offers."
Chris Hoong, Managing Director, Far East Consortium
International Limited said: "FEC has a vast experience in
delivering high density schemes in the United Kingdom and working
closely with local councils and boroughs. We have identified two
immediate potential opportunities and will work closely with
Capital & Regional to explore how we might jointly deliver high
quality residential properties within their London portfolio, which
are already well served by existing retail amenities and transport
links. Residential developments also provide additional clientele
to retail properties and enhance existing communities and therefore
help drive income of occupiers. We are delighted to have signed
this exclusivity agreement with Capital & Regional as we
sincerely believe that our interests are aligned and that we can
add significant value to each other."
- ENDS -
For further information:
Capital & Regional plc 020 7932 8000
Lawrence Hutchings
Stuart Wetherly
FTI Consulting 020 3727 1000
Richard Sunderland
Claire Turvey
capreg@fticonsulting.com
About Capital & Regional plc:
Capital & Regional is a UK focused retail property REIT
specialising in shopping centres that dominate their catchment,
serving the non-discretionary and value orientated needs of the
local communities. It has a strong track record of delivering value
enhancing retail and leisure asset management opportunities across
its portfolio of in-town shopping centres.
Capital & Regional owns seven shopping centres in Blackburn,
Hemel Hempstead, Ilford, Luton, Maidstone, Walthamstow and Wood
Green. Capital & Regional manages these assets through its
in-house expert property and asset management platform.
Capital & Regional is listed on the main market of the
London Stock Exchange (LSE) and has a secondary listing on the
Johannesburg Stock Exchange (JSE)
For further information see capreg.com/
About Far East Consortium:
Far East Consortium International Limited has been listed on The
Stock Exchange of Hong Kong Limited since 1972 (Stock code: 35.HK).
FEC is an investment holding company and the principal activities
of the Group are property development, property investment, hotel
operations and management, car park operations and facilities
management, gaming and related operations, securities and financial
product investments, and provision of mortgage services. The Group
adopts the diversified regional strategy and the "Asian Wallet"
strategy with business covering Hong Kong, Mainland China,
Australia, New Zealand, Malaysia, Singapore, the United Kingdom and
other European countries.
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