Capital & Regional has exchanged contracts to sell three shopping centres to Carlyle Group for £286m.
The retail and leisure property specialist, announced today it has agreed the sale of its centres in Chester, Epsom and Edgware to the global private equity group in a deal reflecting a yield of 6%.
The deal was completed on behalf of its Mall Fund. At the end of March 2008 the three properties were valued at £339.8m.
The proceeds from the sale, which will complete in early July, will be used to reduce the gearing of the fund.
Hugh Scott-Barrett, chief executive of Capital & Regional, said: ‘This transaction, together with the capital raising announced earlier today, puts the Mall Fund on a more secure financial footing and will allow us to focus on maximising fund performance through the active management of the asset portfolio.’