Capital & Regional has sold its interest in The Mall, Luton shopping centre. The disposal follows a sale process undertaken with the consent of the secured lender on the related loan facility. Capital & Regional had previously deconsolidated its interest in The Mall, Luton meaning the gross assets related to the investment are nil and therefore the transaction does not result in any profit or loss on disposal to the Group.
The Mall, Luton and its corporate structure has been acquired by SDI (Luton) Limited and SDI (Luton 2) Limited for cash consideration of €66m (£58m). The net proceeds will be remitted to the secured lender. In line with the disclosure made in the Company's Year End results announcement on 2 March 2023, the Group's involvement as Property and Asset Manager, for which it generated fees of €1.6m (£1.4m) in 2022, has ceased, effective from the date of the disposal.
