Share Name Share Symbol Market Type Share ISIN Share Description
Capital & Regional Plc LSE:CAL London Ordinary Share GB00BL6XZ716 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  -2.40 -4.17% 55.20 1,619 11:11:44
Bid Price Offer Price High Price Low Price Open Price
55.20 60.60 55.20 55.20 55.20
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 70.00 -23.30 -22.00 91
Last Trade Time Trade Type Trade Size Trade Price Currency
10:48:14 O 1,498 56.01 GBX

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Date Time Title Posts
07/12/202217:38Capital and Regional plc287
11/7/201609:23Caledonia Mining- London listing coming?2
01/9/201509:36Capial and Regional, What is going on?2,393
29/12/201411:32capital & regional converting to a REIT1
02/7/201407:54Capital & Regional PLC with Charts and News20

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Posted at 07/2/2023 08:20 by Capital & Regional Daily Update
Capital & Regional Plc is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker CAL. The last closing price for Capital & Regional was 57.60p.
Capital & Regional Plc has a 4 week average price of 54p and a 12 week average price of 48p.
The 1 year high share price is 66.60p while the 1 year low share price is currently 43.80p.
There are currently 165,399,863 shares in issue and the average daily traded volume is 10,482 shares. The market capitalisation of Capital & Regional Plc is £91,300,724.38.
Posted at 07/12/2022 14:37 by spectoacc
Not seeing much bad in that, albeit I sold out lower than here in the September rout.

If the world keeps turning, CAL surely has some value. "...Assume(ing) that we do not see a further meaningful shift in the economic climate.." made me chuckle tho.

Posted at 07/12/2022 14:12 by rambutan2
Progressing. Wood Green has certainly seemed fairly busy since the summer, although not sure where things stand with the Cineworld:

Update on Trading and Property Portfolio

Capital & Regional, the UK convenience and community focused shopping centre REIT, will host a tour of its 17&Central shopping centre at Walthamstow at 2.30pm today. During the event, the Company will provide the following operational update .

-- Footfall in the five months to the end of November 2022 footfall was 11% ahead of 2021 and represented 90% of the equivalent period for 2019 representing one of the strongest periods on a relative basis since the start of the pandemic.

-- In the five months to the end of November 2022, Capital & Regional completed 42 new lettings and renewals for a combined rent of GBP2.1 million, ahead of previous rent and ERV. Key lettings in the period include agreeing to extend the NHS diagnostics centre at Wood Green by a further 6,000 sq ft and the letting of the new Walthamstow Food Market to local operator Crate.

-- Occupancy across the Group's Investment Assets has improved to 94.6% at 30 November 2022 from 93.8% at 30 June 2022. The main driver for the increase is the inclusion of the NHS medical centre at Ilford which is now in development following receipt of planning permission in October 2022.

-- Rent collection is now nearing pre-Covid levels with 95.9% of the quarterly rent due on 29 September 2022 and 97.0%(2) of the rent due for the year to date received.

Posted at 30/9/2022 18:11 by nickrl
CAL needs a bit of unpicking as it was structured with assets within SPVs they controlled or SPVs that were under water and effectively off the balance sheet and with lenders.

The biggest debt is over the Malls that they are retaining and these have just over 4 years to run with the lender til Jan 27 with the following statement on covenants

"lender provided covenant waivers that run until November 2023 and modifications to cash trap provisions that run until May 2023"

this suggests to me that whatever the covenants are they are breached? but as @huge says they are coy about declaring them for whatever reason. The LTV was c50% at HY but post HY they sold on two assets and thats lowered LTV to 40%. You have to give CAL some credit for the way they've managed to buy back debt below par on several occasions and got debt down from over 70% LTV.

The other loan is on Ilford which is due refinance Mar 24 but has the potential to extend to Sept 25.

One thing to watch is they have management income from the Luton asset which is up for sale and new owners may ditch them of course may crimp ability to improve dividend. Of course there is always the possibility that Growthpoint will buy it all up now the restructuring is largely complete.

Edit: looked at the HY presentation and on slide 15 there is a table that says LTV covenant is 70% on Mall/Ilford assets whether thats the waiver level or not isn't clear but LTV of those assets are below the threshold. The fact that cash is trapped in the facilities suggests to me an indication that some element of the covenants is breached.

Posted at 30/9/2022 15:40 by spectoacc
Thanks @HP, must admit I've not looked, been in CAL from higher & thought "Growthpoint will cover it if there's another capital raise needed". However, with the way the markets are, wondering how quickly that might happen.

I still think it's a good punt, well off the radar of most and with a supportive major shareholder. But think we have to look through to the end of the impending downturn to see CAL come through.

Posted at 11/8/2022 08:18 by spectoacc
Too overweight small REITs to add more, but CAL do seem to be pulling through IMO. Not sure that NAV rise isn't more due to a technicality (property held for sale) but the LTV seems genuinely manageable without further dilution now.

Just in time.

Posted at 14/10/2021 21:27 by rambutan2
It lives!

Mall Debt Restructure and Reduction, Launch of Open Offer, Posting of Prospectus

as well as Notice of General Meeting

Capital & Regional plc (LSE: CAL) ("Capital & Regional", the "Company", or the "Group"), the UK convenience and community focused shopping centre REIT, is pleased to announce that it has reached an agreement with its lenders to restructure and reduce the debt secured over its four Mall Assets (the "Mall Facility") (the "Mall Debt Restructuring"), including the launch of a fully underwritten open offer to raise GBP30.0 million (the "Open Offer").

Lawrence Hutchings, Chief Executive Officer, comments: "We recently announced a set of results which clearly demonstrate the relevance of our Community Centres Strategy, the underlying strength of our portfolio and the skills and commitment of our team. Against the backdrop of a positive reopening of the economy following the disruption caused by the pandemic and increased confidence in our segment of the retail and services market we have been focusing our resources on generating the highest returns from our core Mall investment assets while working closely with our lenders towards both restructuring and reducing the Group's debt.

"These proposed transactions, which will recapitalise the balance sheet, allow us to achieve just that and represent a significant and positive step forward for the Group. They will allow us to once again focus fully on continuing our repositioning and merchandising, while looking at how we can best leverage the expertise in our platform and, in due course, the reintroduction of cash dividends."

"I would also like to take this opportunity to thank all of our stakeholders including our lenders, major shareholders and Growthpoint, as well as our teams, retailer customers and the local communities for their continued support throughout the challenges that the pandemic has presented."

Key Highlights

-- The Mall Facility currently comprises a GBP265 million debt facility with RBS and TIAA secured over the Four Mall Assets, being the Mall Blackburn, the Mall Maidstone, the Mall Wood Green and the Mall Walthamstow. TIAA currently has a balance outstanding of GBP165 million and RBS has a balance outstanding of GBP100 million.

-- Under the terms of the Mall Debt Restructuring, Capital & Regional Holdings Limited (the "Purchaser") has agreed to acquire the GBP100 million of debt outstanding with RBS (the "RBS Debt") for a principal amount of GBP81 million, representing a discount of GBP19 million or 19 per cent.

Posted at 15/3/2021 10:25 by 1nf3rn0
Shares of Capital & Regional are worth holding onto, the Sunday Times's Sabah Meddings said in her 'Inside the City' column.The tipster pointed out how the shopping centre operator was outperforming rivals on several key metrics.Furthermore, its net asset value was 75% higher than its current share price, a possible indication of an "opportunity" for investors, Meddings also said.Year-to-date, CapReg's rent-collection was running at 60% and a spate of deals may boost that figure to 70%, versus 41% at Hammerson.In parallel, Hammerson's net asset value had plummeted 85% to 85.0p per share.CapReg's portfolio value meanwhile had fallen by 27.5% or £200m, versus a 41% drop at another of it rivals, Intu.Helping CapReg, many of its community-based centres, which are anchored around a grocery tenant, "put it in a strong position".Indeed, the company was busy refurbishing its food halls to appeal to Deliveroo.Nevertheless, Company Voluntary Arrangements were likely to continue, Meddings cautioned, and as CapReg's boss Lawrence Hutchings had argued in the past, there is 30% more retail in the UK than is needed.Over the preceding year, 17 of CapReg's tenants had gone insolvent through CVAs, twice the 2019 figure."Hold", said Meddings.
Posted at 25/1/2021 19:30 by nickrl
CAL have three Debenhams that are down the swanny although rents have been bashed down by the CVA already so maybe not so much to lose but there stuffed with not having service charge income as well as empty rates to pay.

Not going to break them but there Arcadia outlets also unlikely to be reopened so no wonder share price is down

Posted at 11/11/2020 09:28 by spectoacc
UANC and CAL are like comparing caviar with dog sh*t ;)

If I were Growthpoint I may want to take out the rest just to hide my embarrassment.

Posted at 11/11/2020 09:12 by 1nf3rn0
June NAV 229p. If we assume it's now around 2 quid, would an offer at half that amount be accepted? (still almost double current share price). Or would a bid need to be much closer to NAV to be successful?Urban & Civic accepted an offer at NAV last week (which was still too low in my view) although CAL is a much higher risk proposition.
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