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Peel remains committed to CSC deal

Peel Group says it remains committed to its deal with Capital Shopping Centres Group.

And it repeated it has no intention of selling the Trafford Centre for cash and this has never been an aim of the group - despite being advised a sale would achieve a higher price.

Peel says its objective is to increase and diversify its exposure to the UK shopping centre market via a long-term investment in CSC.

Peel says it is aware of a letter from Simon Property Group Inc to Capital Shopping Centres Group proposing fundamental changes to CSC's agreed Trafford Centre transaction with Peel.

But it adds: "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."

Story provided by StockMarketWire.com

13/12/2010