| Tue 9 Nov 2010, 9:03 | | CCO - Capital & Counties Properties PLC - Capco and GPE refocus joint venture |
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JSE CCO
CCO
CCO - Capital & Counties Properties PLC - Capco and GPE refocus joint venture
Capital & Counties Properties PLC
(Incorporated and registered in the United Kingdom and Wales with registration
Number 07145041 and registered in South Africa as an external company with
Registration Number 2010/003387/10)
JSE code: CCO
ISIN: GB00B62G9D36
CAPITAL & COUNTIES PROPERTIES PLC ("Capco")
Capco and GPE refocus Joint Venture
Great Portland Estates plc ("GPE") and Capital & Counties Properties PLC
("Capco") are pleased to announce the refocusing of their joint venture, The
Great Capital Partnership ("GCP"), through the disposal of four properties to
GPE and the appointment of Capco as residential and retail strategy advisor to
the joint venture.
GPE will purchase 24/25 Britton Street, EC1, 12/14 New Fetter Lane/43 Fetter
Lane, EC4, Tasman House, Wells Street, W1 and 183/190 Tottenham Court Road, W1
for a combined price of GBP45.05 million, broadly in line with September 2010
book values. These sales represent a continuation of the joint venture`s
strategy to focus on its core West End holdings on Piccadilly, Regent Street and
Park Crescent. Other non-core GCP properties may be sold in the medium term.
In addition, Capco will take on a residential and retail strategy advisory role
allowing the joint venture to draw on its extensive skills alongside those of
GPE in working up various development opportunities across the business.
Ian Hawksworth, Chairman of GCP and Chief Executive of Capco commented "These
changes represent a logical next step in the evolution of GCP and accord with
Capco`s strategy of targeted investment in central London. We look forward to
progressing our exciting plans for the balance of the estate together with GPE."
Toby Courtauld, Chief Executive of GPE said, "This restructuring enables the
refurbishment and redevelopment of Britton Street and Fetter Lane respectively
which are non-core GCP properties. We are making good progress on our plans for
repositioning a number of core GCP holdings and we look forward to continuing
our strong working relationship with Capco".
Contacts:
Capital & Counties Properties PLC
Ian Hawksworth - Chief Executive 020 7887 7041
Great Portland Estates plc
Toby Courtauld - Chief Executive 020 7647 3042
Hudson Sandler (Capco Financial PR)
Michael Sandler 020 7796 4133
Finsbury Group (GPE Financial PR)
James Murgatroyd 020 7251 3801
Gordon Simpson 020 7251 3801
9 November 2010
Sponsor:
Merrill Lynch SA (Pty) Limited
Date: 09/11/2010 09:03:01 Produced by the JSE SENS Department.
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