Capital & Regional, the co-investing property asset manager, has announced that the unit holders in its Junction fund have voted in favour of changes to facilitate the proposed equity issue and the fund's new management structure. The equity issue is expected to raise around 拢65 mln (EUR73 mln) and to close by the end of May.
Capital & Regional, the co-investing property asset manager, has announced that the unit holders in its Junction fund have voted in favour of changes to facilitate the proposed equity issue and the fund's new management structure. The equity issue is expected to raise around 拢65 mln (EUR73 mln) and to close by the end of May.
Under the terms of the transaction AREA Property Partners is proposing to invest 拢50 mln of the 拢65 mln being raised, with the balance being subscribed by a number of existing unit holders. Capital & Regional will be subscribing for 拢600,000 of new units and has an option to subscribe for up to a further 拢2 million of units within three months of completion. Morgan Stanley is acting as financial advisor.
Capital & Regional is the co-investing asset manager which specialises in town centre shopping centres, out of town retail parks, and urban entertainment complexes. The Junction fund is one of the UK's leading investors in retail parks.
