Capital & Regional swings to loss; delays decision on dividend as Growthpoint eyes major investment

10:03 11/09/2019 - UK-focused REIT Capital & Regional swung to a loss in the first half of the year amid a fall in the value of its property portfolio as a growing number of retailers entered administration stifled growth.

The company also decided to delay a decision on level of its interim dividend until talks with Growthpoint properties concerning a potential majority investment in the company had concluded.

Growthpoint was looking to acquire a majority stake in the company through a combination of a partial offer in cash for capital & regional shares and an injection of capital to support the company's strategy through a subscription for new capital & regional shares.

For the six months ended 30 June 2019, the company reported a pre-tax loss of £55.4m, compared with a profit of £6.7m a year earlier as revenue fell to £45.2m from £45.5m.

Basic and earnings (EPRA) net asset value per share, fell to 51p and 52p respectively, from 60p and 59p respectively reported at the end of last year, impacted by a 'fall in property valuations of our regional assets, the company said.

Rental Income fell 3.1% to £0.8m.

The loss was primarily due to a fall in property valuations, driven by negative sentiment towards retail assets and income impact of company voluntary arrangements (CVAs) and retailer administrations.

Occupier demand inched lower to 96.8% from 96.9% a year earlier.

At 10:03am: (LON:CAL) Capital Regional PLC share price was +1.62p at 18.12p

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