Capital & Regional, which was granted status as a UK REIT on 31 December 2014, has announced that, in addition to its primary listing on the London Stock Exchange, the Johannesburg Stock Exchange has approved a secondary listing on its main board with trading to commence on Wednesday 7 October 2015.
The company is focused on UK retail and leisure assets – primarily “in-town dominant community shopping centres”. The Group’s portfolio comprises six wholly owned shopping centres (Blackburn asset pictured) as well as 20% and 50% joint venture interests in two further centres located in Redditch and Ipswich respectively. The Group’s property interests focus primarily on value-enhancing reconfigurations, refurbishments and extensions of existing shopping centres as opposed to new developments.
Capital & Regional’s rationale for the JSE listing is that they believe it will improve the depth and spread of the shareholder base of the company, provide investors with an additional market for trading the company’s shares, provide South African investors with an opportunity to participate over the long term in the future income and capital growth of the company, provide the Company with an additional platform to raise equity, and enhance the public profile and general public awareness of Capital & Regional. Following the secondary listing there will be full fungibility between the UK and South African share registers, with the exception of periods immediately prior to dividend record dates.
Capital & Regional secures secondary listing on JSE : CAL