Profit at Capital & Regional up

Kasmira Jefford
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CAPITAL & REGIONAL, the retail and leisure asset manager, yesterday posted a five per cent rise in recurring pre-tax profits to £9.2m in the first half of the year.

But the property specialist suffered a 4.8 per cent drop in its net asset value, primarily due to a sharp devaluation of its German portfolio.

Cap&Reg’s largest asset is its 20 per cent interest in The Mall fund, which comprises nine UK shopping centres including Luton and Maidstone. These dropped in value by 3.8 per cent, as net income fell as a result of retail failures.