| Thu 21 Jul 2011, 13:11 | | CCO - Capital & Counties Properties PLC - Press Release |
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JSE CCO
CCO
CCO - Capital & Counties Properties PLC - Press Release
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")
21 July 2011
Great Capital Partnership sells GBP79.1 million of assets in Kensington and
Midtown
Great Capital Partnership ("GCP"), the joint venture between Capital & Counties
Properties PLC ("Capco") and Great Portland Estates plc, has sold 26/40
Kensington High Street, London W8 and 67/75 Kingsway, London WC2.
26/40 Kensington High Street has been sold to The Khoo Teck Puat UK Foundation
for GBP62.5 million. The price agreed is 10.5% ahead of the 31 March 2011 book
value and reflects a net initial yield of circa 4.5%. The freehold property is
situated at the corner of Kensington High Street and Kensington Palace Gardens
and comprises over 120,000 sq ft of mixed use accommodation let to tenants
including TK Maxx, Urban Outfitters, Wagamama and Virgin Active. The property
produces an income of approximately GBP3.0 million per year.
67/75 Kingsway has been sold to Threadneedle UK Opportunities Property II LP for
GBP16.58 million.
The freehold property, situated on the western side of Kingsway, comprises over
30,500 sq. ft. of retail and office accommodation. Tenants include Signature
Restaurants trading as Belgo, Subway, SV Life Sciences and Mitsubishi Heavy
Industries Europe Ltd. The property produces a current rent of GBP623,113 per
annum rising to GBP1,070,743 per annum by July 2012 on expiry of the current
rent free periods. The price agreed is 9.0% ahead of the 31 March 2011 book
value and represents a net initial yield of 3.6%, rising to 6.1% by July 2012.
Ian Hawksworth, Chairman of GCP and Chief Executive of Capco said, "These sales
are in line with our ongoing approach of recycling capital from mature assets
and represents a continuation of the joint venture`s strategy to focus on its
core West End holdings on Piccadilly, Regent Street and Park Crescent."
Contacts:
Capital & Counties Properties PLC
Ian Hawksworth, Chief Executive 0203 214 9188
Great Portland Estates plc
Toby Courtauld, Chief Executive 020 7647 3000
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
Great Portland Estates plc
33 Cavendish Square, London W1G 0PW
Tel 020 7647 3000 Fax 020 7016 5500
www.gpe.co.uk
registered number 596137 England
Date: 21/07/2011 13:11:01 Produced by the JSE SENS Department.
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