Capital & Regional (LSE: CAL) has announced its agreement to acquire The Gyle Shopping Centre in Edinburgh for £40 million. The acquisition will be financed through existing funds, a new debt facility of £16 million, and a fully underwritten Open Offer that is expected to raise approximately £25 million. The acquisition aligns with the company's strategy of seeking selective opportunities to grow and utilize its management expertise in community shopping centers. The Gyle Shopping Centre is a well-established center with 88 retail units, anchored by a Marks & Spencer store and a Morrisons supermarket. It has a strong rent collection, a headline occupancy of 94%, and a weighted average unexpired lease term of 2.1 years. The center is expected to be accretive to income from day one and offers opportunities for value creation through tenant mix refinement and leasing improvements. The acquisition is part of Capital & Regional's plan to rescale its business and leverage its management expertise.
Source: Capital & Regional PLC