Capital & Regional plc 25 year Cinema lease signed in Hemel Hempstead
February 27 2019 - 2:01AM
RNS Non-Regulatory
TIDMCAL
Capital & Regional plc
27 February 2019
27 February 2019
CAPITAL & REGIONAL PLC ("Capital & Regional" or "the
Company")
UK company number 01399411
LSE share code: CAL
ISIN: GB0001741544
LEI: 21380097W74N9OYF5Z25
Capital & Regional signs 25 year Cinema lease in Hemel
Hempstead
Capital & Regional plc (LSE: CAL), the UK focused REIT with
a portfolio of dominant in-town community shopping centres,
announces that it has signed a 25 year lease without break with
Empire Cinemas, the UK's leading independent cinema chain, for a
brand new, nine-screen cinema with a total of 924 seats at its
centre in Hemel Hempstead. The rent has been agreed at GBP15 per
square foot, in line with the portfolio average, with index-linked
annual uplifts.
The Company has already secured the planning permission to add
an extension above the existing centre for the cinema, with
construction work expected to start late in Q3 2019. The cinema is
due to open in early 2021.
The opening of the cinema is a central element of Capital &
Regional's repositioning strategy for Hemel Hempstead town centre,
where the Company expects to invest over GBP15 million in the next
two years on the Cinema and further projects, consistent with its
community centre strategy. Upgraded customer facilities have
already been delivered, including a new state-of-the-art family
area and toilets, as well as a new roof, full height glazed shop
fronts and an external refurbishment. A family zone, including a
soft play area, will be opened in Q2 2019 and more dining options
will be brought into the scheme.
Located just outside the M25, Hemel Hempstead is a thriving
London commuter town that has a diverse, growing population and an
influx of young professionals and families. Over GBP350 million has
been invested in recent years by the local authority, with whom the
Company has a strong relationship, and Dacorum Council also plans
to deliver 8,900 new homes for the town in the next 20 years.
Altogether, Capital & Regional owns 350,000sq ft across three
adjoining assets in the centre of Hemel Hempstead, providing a
significant opportunity for it to improve and curate the town
centre for the local community, in line with its portfolio
strategy.
Lawrence Hutchings, Chief Executive at Capital & Regional,
commented: "The Empire Cinema and the express and casual dining
options we will create are an important step forward in our
repositioning of Hemel, consistent with our community centre
strategy. It represents the next key stage following our investment
in the family precinct, which is under construction, and an upgrade
to centre finishes and amenities.
"We are therefore excited to be able to bring Empire Cinema to
Hemel. Empire is committed to creating a world class experience,
which reflects the customer feedback and needs identified in our
research with local focus groups, where a town centre cinema and
evening destination was the most requested addition by residents in
the area."
- ENDS -
For further information:
Capital & Regional: Tel: 020 7932 8000
Lawrence Hutchings, Chief Executive
FTI Consulting: Tel: 020 3727 1000
Richard Sunderland
Claire Turvey
capreg@fticonsulting.com
About Capital & Regional plc
Capital & Regional is a UK focused specialist property REIT
with a strong track record of delivering significant value
enhancing retail and leisure asset management opportunities across
its c. GBP1 billion portfolio of in-town, dominant community
shopping centres.
Capital & Regional owns seven shopping centres in Blackburn,
Hemel Hempstead, Ilford, Luton, Maidstone, Walthamstow and Wood
Green. Capital & Regional manages these assets through its
in-house expert property and asset management platform.
For further information see www.capreg.com.
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END
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