Valuation boost for Capital & Regional 

  [caption id="attachment_834306" align="alignright" width="200"] The Mall, Blackburn, one of C&R’s Mall branded regional shopping centres[/caption] Capital & Regional’s portfolio value rose slightly during 2016. The value of its portfolio at 31 December was £794.1m – a 6.01% yield, and a rise of £0.5m on the valuation of £793m at 30 June 2016. Its capital expenditure for the wholly owned portfolio during the second half of the year was £7.7m. During that period it also completed 34 new lettings and 15 lease renewals, adding £2.8m in annual rental income. The weighted average lease maturity is 7.8 years, rising to 8.8 years if extension options are assumed to be exercised. It has also completed the refinancing of the debt on its five wholly owned Mall shopping centres by entering into new facilities totalling £372.5m. Interest on the three new facilities in this group has been fixed, resulting in an overall blended rate of 3.27%. Hugh Scott-Barrett, C&R’s chief executive, said: “Activity in the investment markets continues to highlight the attractiveness of assets that have the potential for leisure and residential development, and this evidence, alongside our geographical focus on London and the South East, has helped to underpin the valuations for our wholly owned portfolio. “Reflecting the positive operating performance and our confidence in our ability to continue to increase our income, we expect the increase in the final dividend for 2016 to be at the top end of the 5% to 8% pa targeted range.” • To send feedback, e-mail amber.rolt@estatesgazette.com or tweet @amberrolt or @estatesgazette