The 2010's | Capital Shopping Centres

A new 7 year £525 million loan facility is agreed in January to refinance Lakeside shopping centre.
The Demerger of Liberty International PLC into two businesses, Capital Shopping Centres Group PLC and Capital & Counties Properties PLC, becomes unconditional on 7 May. On the same day Liberty International PLC changes its name to Capital Shopping Centres Group PLC.
A proposal to transfer the company’s interest in Capital & Counties USA., Inc. to a joint venture EQY-CSC LLC with Equity One, Inc. is announced in May.
A proposal to acquire The Trafford Centre from The Peel Group is announced in November.
A placing of 62.3 million New Ordinary Shares at 355p in November raises gross proceeds of £221.2 million reducing the loan to value ratio from 53% to approximately 47%
Simon Property Group announce in December their intention to possibly make a cash offer to acquire the company and halt the acquisition of The Trafford Centre.
The Takeover Panel announce in December that Simon Property Group must make a firm offer by 12 January 2011 or withdraw.
A surplus of 11% on investment property revaluation was recorded for 2010. Dividend per share declared at 15p, the same level as CSC’s share of the 2009 Liberty International PLC dividend.

Equity One, Inc. acquires Capital & Counties USA., Inc. (a group subsidiary) through a joint venture EQY-CSC LLC with the company. 4.1 million shares in Equity One, Inc and 11.4 million shares in the joint venture are received in January.
Simon Property Group announces in January that they have no intention of making a firm offer.
The transformational acquisition of the Trafford Centre completes on 28 January.167,316,817 new ordinary shares and £154,317,000 3.75 per cent. perpetual subordinated convertible bonds were issued andJohn Whittaker, Chairman of The Peel Group, is appointed Non-Executive Director and Deputy Chairman in connection with the acquisition.
The Office of Fair Trading opens an enquiry into The Trafford Centre acquisition in March, but decides in July not to refer it to the Competition Commission.
Kay Chaldecott steps down as a director in September after 27 years with the Group. Lady Patten is appointed as an additional Non-Executive Director and Mike Butterworth is appointed as Chief Operating Officer.
CSC completes the acquisition of the Broadmarsh shopping centre in Nottingham on 1 December for a total cash consideration of £73 million.
A creditable 3.6% increase in like-for-like net rental income and a 7% increase in underlying earnings per share to 16.5p were recorded for 2011. Dividend per share declared at 15p.

At a General Meeting in January, shareholders approve two transactions with the Peel Group: the acquisition for £4.7 million of a site known as King George V Docks (West) adjacent to CSC’s shopping centre at Braehead; and the acquisition for €2.5 million of a three year option to purchase land in Malaga, Spain with planning consents for the construction of a high-class regional shopping centre and leisure development.
On 6 March, CSC sells 4.1 million shares, around a quarter of its interest, in Equity One, Inc. realising approximately £49 million.