Capital & Regional has increased its holding in The Mall Fund, the UK shopping centre vehicle it manages, to over 99%.
Capital & Regional has increased its holding in The Mall Fund, the UK shopping centre vehicle it manages, to over 99%.
The London-listed fund manager boosted its stake in The Mall Fund frm 92% to just under 100% via the redemption of 69.5 million units, or 7.38% of the total units, from seven different account holders.
The total cost of the redemption will be £27 mln (€34 mln). To help fund the acquisition The Mall Fund has agreed amendments to its five-year secured bank facility with Morgan Stanley to convert the £25 mln capital expenditure facility into an additional loan of £30 mln, increasing the total term loan to £380 mln.
'The redemption of the units by the Mall Fund marks further progress in our aim of buying out all of the minority unit holders and will help to facilitate restructuring the Fund to drive cost efficiencies,' Capital and Regional CEO Hugh Scott-Barrett said.
