| Mon 13 Dec 2010, 11:00 | | CSO - Capital Shopping Centres Group Plc - Peel Group - Press Statement |
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CSO
CSO
CSO - Capital Shopping Centres Group Plc - Peel Group - Press Statement
CAPITAL SHOPPING CENTRES GROUP PLC
(Registration number UK3685527)
ISIN Code: GB0006834344
JSE Code: CSO
CAPITAL SHOPPING CENTRES GROUP PLC
Peel Group - Press Statement
Below is the text of a statement released by Peel Group this morning.
Susan Folger
Company Secretary
Capital Shopping Centres Group PLC
"Statement on behalf of Peel Group, in response to Simon Property Group Inc`s
letter to Capital Shopping Centres Group, December 12th 2010
Peel Group is aware of the letter from Simon Property Group Inc to Capital
Shopping Centres Group plc, proposing fundamental changes to CSC`s agreed
Trafford Centre transaction with Peel.
Peel Group remains committed to the agreed transaction with CSC, subject to
approval of CSC shareholders on 20th December 2010. Peel has no intention of
selling the Trafford Centre for cash and this has never been an aim of the
group - in spite of the fact that Peel has been advised a cash sale would
achieve a higher price - and nor does Peel intend entering into such a
discussion. Rather, Peel`s stated objective is to increase and diversify its
exposure to the UK shopping centre market via a long-term investment in CSC.
The transaction will bring to CSC the value of John Whittaker`s extensive
experience in the retail and leisure property sectors and, through the
addition of the Trafford Centre, will create an unrivalled portfolio of UK
regional shopping centre assets.
The transaction is part of Peel`s ongoing strategy to broaden its investment
in property and infrastructure through partnerships with complementary
businesses.
Peel believes the combination of the Trafford Centre within the CSC portfolio,
together with an improved capital structure and a strong and supportive
shareholder, will significantly improve the growth prospects for CSC for the
next cycle and for the long term. Peel looks forward to supporting the CSC
Board, for the benefit of all shareholders, to further enhance CSC`s position
as a leading UK shopping centre investor.
Ends
Further information:
Dominic Morgan Financial Dynamics 020 7269 9343
Andrew Rieley Financial Dynamics 020 3077 0409
Robert Fowlds JP Morgan Cazenove 020 7742 4000
Edouard Asselin JP Morgan Cazenove 020 7742 4000"
13 December 2010
Sponsor to Capital Shopping Centres:
Merrill Lynch SA (Pty) Limited
Date: 13/12/2010 11:00:44 Produced by the JSE SENS Department.
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