Capital & Regional, a property management-and-investment company, has announced its agreement to acquire the Gyle Shopping Centre in Edinburgh, Scotland for £40 million ($50.9 million). In conjunction with this acquisition, the company is launching a discounted open offer of approximately £23.4 million.
Open Offer Details
Financing and Pro Rata Basis
The London-listed company intends to finance the acquisition through existing funds, a new £16 million credit line, and proceeds from the open offer. Qualifying shareholders have the opportunity to apply for open offer shares at the issue price on a pro rata basis. For every 15 existing ordinary shares held and registered, shareholders can apply for four open offer shares each.
Creating Value through Asset Management Opportunities
In addition to the acquisition, Capital & Regional has identified several asset management opportunities to enhance the value of the Gyle Shopping Centre. These opportunities include refining the tenant mix, focusing on leasing to improve occupancy and income, and enhancing the center's appeal to the growing and affluent catchment in south western Edinburgh.
With this strategic move, Capital & Regional aims to capitalize on the potential of the Gyle Shopping Centre and further strengthen its presence in the retail market.