Capital & Regional PLC had raised c. €29.2m to partially fund its acquisition of the Gyle Shopping Centre in Scotland two weeks after announcing its plans for this acquisition(total value of c. €46.7m).
The Gyle shopping centre acquisition presented the company with a number of asset management opportunities for Capital & Regional PLC, which include refining the tenant mix, and a renewed focus on leasing to improve occupancy and income while enhancing the centre’s appeal to the growing and affluent catchment in southwestern Edinburgh.
The Property will require minimal immediate capital expenditure but the Company anticipates that there is a clear medium-term opportunity for significant value add initiatives from the Company’s existing resources and from utilising the Group’s expertise.
The Gyle comprises 88 retail units and is anchored by a Marks & Spencer store and Morrisons supermarket. The Property’s retail space is let at c. €8m and c. €6.7m of annual gross rent and net rental income, respectively, with strong rent collection and headline occupancy of 94% as well as a weighted average unexpired lease term of 2.1 years.
