C&R half year results have just been announced.
Half Year Results to 30 June 2020
Capital & Regional (LSE: CAL), the UK focused REIT with a portfolio of dominant in-town community shopping
centres, announces its half year results to 30 June 2020.
Lawrence Hutchings, Chief Executive, comments:
“While all of our centres have remained open throughout the pandemic, the government enforced restrictions
have naturally impacted on the Group’s operations. However our local community strategy, focused on providing
non-discretionary, essential goods and services, has helped mitigate the impact on a relative basis. Indeed, our
strategy is now more relevant than ever as the structural changes in consumer habits that were already
underway within the retail industry have been accelerated. Our successful delivery of this community centre
strategy over the past three years, combined with the investments we have made in our operating platform,
have not only helped us navigate these extraordinary times but have also ensured the continued support of our
key stakeholders which we greatly appreciate.
“During this time we have also been able to progress important initiatives, including the submission of a planning
application to convert our existing residential consent at Walthamstow into Build to Rent which will facilitate the
introduction of a development partner. We have also advanced discussions with the NHS for the introduction
of a significant new healthcare centre at Ilford. These are important steps forward as we continue to maximise
the mixed and evolving uses of our key locations.
“While the current COVID-19 situation has placed pressure on leverage, we believe that the combination of the
level of cash of approximately £80 million, largely maintained from the recapitalisation of the Group in December
2019; the measures agreed with our lenders; and the focus on local centres offering non-discretio
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