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AGL advise on £650m German JV

Capital & Regional plc, the co-investing property asset manager, announces the completion of the sale of approximately half of its German business to an investment fund managed by Apollo Real Estate Advisers ("Apollo"). A joint venture with Apollo has been formed to run the German business. The joint venture subsequently completed the buyout of the majority of the equity interests that the Hahn Group held in the German business.

Net cash proceeds received by Capital & Regional from the transactions before costs were £44.7m, which will be used to pay down existing bank debt.