Capital & Regional plc Planning granted for Walthamstow development (8834Y)

TIDMCAL

RNS Number : 8834Y

Capital & Regional plc

28 August 2018

28 August 2018

CAPITAL & REGIONAL PLC ("Capital & Regional" or "the Company")

UK company number 01399411

LSE share code: CAL

ISIN: GB0001741544

LEI: 21380097W74N9OYF5Z25

Capital & Regional receives formal planning consent for Walthamstow development

Capital & Regional plc (LSE: CAL), the UK focused REIT with a portfolio of dominant in-town community shopping centres, announces that it has received formal consent for its extension and development plans at The Mall Walthamstow.

The approved plans, which will transform Walthamstow town centre with The Mall at its heart, include:

   --      An 86,000 sq ft extension to the existing shopping centre; 
   --      Up to 500 new residential homes, including affordable housing; 

-- TFL making a significant infrastructure investment and upgrade to Walthamstow Central Station including a new second entrance within the extended Mall; and

-- An enhanced new town square, children's play area, landscaped park gardens and family amenities.

The extension to The Mall Walthamstow will provide additional space to support the ongoing implementation of the Company's remerchandising strategy to further diversify the uses and tenant mix of its malls, each individually tailored to its local community. At Walthamstow this will include an additional grocery anchor other convenience provision as well as 'grab and go' and casual dining, which will all be customised to the locality.

The works, which are expected to commence in 2020, will build on the significant improvements that Capital & Regional has already delivered at the scheme, including a full refurbishment of the shopping centre, and the addition of new brands including Lidl, Walthamstow's first Pret and The Gym, which have all had highly successful openings at the shopping centre over recent months, attracted by the affordability of the space as well as the positive footfall growth which significantly outperforms the national average.

The Company will be looking at funding options in further detail as the detailed planning application for the residential tower is brought forward.

Lawrence Hutchings, Chief Executive at Capital & Regional, commented: "Our vision for Walthamstow has been developed hand-in-hand with the council and residents and we have tailored the mix of homes, leisure uses, services and amenities to meet the needs of the local community.

"This will be transformational for Walthamstow and underlines our position at the heart of the community, both in terms of how we are supporting the improvement of the wider public realm and amenities, including Transport for London's plans for the underground station, but also in terms of how we are able to provide relevant goods and services for the people we serve. All of this will ensure Walthamstow remains a vibrant neighbourhood for generations to come, underpinning the resilience of The Mall, our positive footfall growth and, ultimately, our income profile."

- ENDS -

For further information:

 
 Capital & Regional:                   Tel: [phone] 
 Lawrence Hutchings, Chief Executive 
 
 FTI Consulting:                       Tel: [phone] 
 Richard Sunderland 
  Claire Turvey 
  [e-mail] 
 

Notes to editors:

About Capital & Regional plc

Capital & Regional is a UK focused retail property REIT specialising in shopping centres that dominate their catchment, serving the non-discretionary and value orientated needs of the local communities. It has a strong track record of delivering value enhancing retail and leisure asset management opportunities across a c. GBP1 billion portfolio of in-town shopping centres. Capital & Regional is listed on the main market of the London Stock Exchange and has a secondary listing on the Johannesburg Stock Exchange.

Capital & Regional owns seven shopping centres in Blackburn, Hemel Hempstead, Ilford, Luton, Maidstone, Walthamstow and Wood Green. It also has a 20% joint venture interest in the Kingfisher Centre in Redditch. Capital & Regional manages these assets through its in-house expert property and asset management platform.

For further information see capreg.com.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

UPDSEIFWLFASEEA

(END) Dow Jones Newswires

August 28, 2018 02:00 ET (06:00 GMT)