Capital and Regional (CAL) suffered a 5 per cent fall in net rental income last year, after company voluntary arrangements and restructurings cost the retail landlord £3m. That offset new lettings and renewals, which were agreed at an average 7.3 per cent above estimated rental values.
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The value of the portfolio fell 15 per cent, with regional properties declining by more than a fifth in aggregate and properties in London falling in value by almost 8 per cent. Following Growthpoint Properties’ £78m equity injection in October, the net loan-to-value ratio reduced to 46 per cent from 48 per cent.
