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CAPITAL & REGIONAL PLC – AGM trading update – SENS
AGM trading update
CAPITAL & REGIONAL PLC
(Incorporated in the United Kingdom)
(UK company number 01399411)
LSE share code: CAL JSE share code: CRP
LEI: 21380097W74N9OYF5Z25
ISIN: GB00BL6XZ716
(“Capital & Regional” or “the Company”)
AGM TRADING UPDATE
Capital & Regional, the UK convenience and community focused shopping centre REIT, today provides
an update on trading and developments within its property portfolio ahead of its Annual General Meeting
later this morning.
Lawrence Hutchings, Chief Executive, commented: “Capital & Regional’s operational performance
remains robust, with the affordability of our rents and focus on value orientated, non-discretionary and
needs based retail and services allowing us to continue to complete leasing transactions at significant
average premiums to previous passing rent and ERV. We are also progressing several exciting
repositioning projects across the portfolio that are accelerating the remerchandising of our centres and
supporting our target of increasing Adjusted Profits by more than 20% in the medium term.
“We are confident that the strong operational performance and defensive nature of our assets, allied to the
actions taken over the last two years to reposition the Company and its balance sheet, leave us well placed
to continue to perform, despite some of the current broader economic uncertainties. We will also continue
to explore selective opportunities to grow the business and further utilise our best-in-class skills and
management expertise in delivering our proven community centre strategy.”
– In the four months to the end of April 2023, Capital & Regional completed 29 new lettings and
renewals for a combined rent of £0.7 million, 14.3% ahead of previous passing rent and 17% ahead
of ERV. The Company has a pipeline of more than 40 deals where heads of terms have been agreed
and/or are currently in legal documentation representing annualised rent of more than £2.7 million.
– Footfall in the four months to the end of April 2023 was 4.8% ahead of 2022 and represented 84.4%
of the equivalent period for 2019, (or 88% of the equivalent period for 2019 excluding Walthamstow
where footfall is impacted by one of the entrances being closed due to the residential development).
– Occupancy at 30 April 2023 increased by 10 basis points from December 2022 to 94.2%.
– Rent collection for the current financial year to the end of April 2023 is 96.9%, in line with pre-Covid
levels. Rent collection for the 2022 financial year has now improved to 98.4% (up from 97.6% at the
time of the Group’s year end results announcement in March 2023).
– We are on site delivering a number of key capital expenditure projects across the portfolio. At Ilford
work is ongoing to create a new anchor unit for TK Maxx and the new NHS community healthcare
centre with openings expected in late 2023 and summer 2024, respectively. At Walthamstow the new
Crate Food Hall is fitting out ahead of a planned opening this summer, while Long Harbour is
continuing construction of nearly 500 apartments in two residential towers above the shopping centre.
– Snozone had a strong start to the year enjoying its first peak trading quarter unimpacted by Covid
since 2019. Revenue and EBITDA for the UK operations for Q1 2023 were 5% and 6% higher than
2019, respectively. Snozone Madrid also contributed its strongest trading quarter since the Group
took over operations in February 2021, with the actions undertaken since acquisition significantly
improving profitability.
25 May 2023
JSE sponsor
Java Capital
Notes to editors:
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.
Using its in-house expert property and asset management platform Capital & Regional owns and / or
manages shopping centres in Hemel Hempstead, Ilford, Maidstone, Redditch, Walthamstow and Wood
Green.
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/
Date: 25-05-2023 08:00:00
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