Capital & Regional plc (lon:cal)
Capital & Regional – Simply In An Unpopular Business?

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Title: Capital & Regional – Simply In An Unpopular Business?
Company: CAL - Capital & Regional plc
Share Price Then: 27p
Author: Ian Smith
Date: Tue 19 Mar 2019
Comments: Capital & Regional is a UK-focussed specialist property REIT which is a market that is out of favour at the moment.

They are not helped by having a portfolio of “in-town dominant community shopping centres”, whereas Intu for example have a lot of out of town destination shopping centres.

For me the two are very different, people still make a day/half a day to go to a destination shopping centre as these centres often include entertainment and end of line/returns shops a retail sector that haven’t translated well to the internet as the quantity of each individual item is to tiny and possibly has minor defects that need to be described.

C&R have centres in Blackburn, Hemel Hempstead, Ilford, Luton, Maidstone, Walthamstow and Wood Green and 20% of the Kingfisher Centre in Redditch.

Income and expenditure are pretty much unchanged year on year but a £22miilion profit in 2017 has become a £25million loss in 2018 due to property revaluations, -20% for Blackburn and about -10% for Hemel Hempstead, Luton, Maidstone.

Most other numbers suggest that the centres themselves are valuable places for the tenants which seem to include a lot of the well known national brands.

There also seems to have been less of an impact from CVAs than might be expected from the general news, a loss of about 2.9% in rent.

Net Asset values is around 60p or about twice the 29p share price, net Loan To Value is 48%, and about £90million in income.

It is easy to see more losses over the next few years as asset values drop especially outside of London, but equally the outside of London properties are a proportionally small portion of the portfolios value. Luton is probably the one that worries me most as it is roughly a £200million centre with £110million of debt.

Do look at trade volumes though!
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