| Fri 29 Jul 2011, 15:50 | | CCO - Capital & Counties Properties PLC - Exclusivity agreement signed with |
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JSE CCO
CCO
CCO - Capital & Counties Properties PLC - Exclusivity agreement signed with
London Borough of Hammersmith & Fulham
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
29 July 2011
EXCLUSIVITY AGREEMENT SIGNED WITH LONDON BOROUGH OF HAMMERSMITH & FULHAM
Following the recent submission of the planning applications for Sir Terry
Farrell`s Masterplan for the Earls Court & West Kensington Opportunity Area
("ECOA"), to create `Four Villages and a 21st Century High Street,` a further
step has been achieved with the signing of an Exclusivity Agreement between EC
Properties Ltd, a wholly owned subsidiary of Capital & Counties Properties PLC
("Capco"), and London Borough of Hammersmith & Fulham ("LBHF").
The agreement gives both parties one year of exclusivity in relation to
discussions around LBHF`s land and its inclusion within Sir Terry Farrell`s
Masterplan. It also allows the time to secure the necessary statutory consents
to progress with comprehensive regeneration. In order to enter into the
agreement EC Properties has paid GBP15 million, GBP10 million of which is
refundable in the event a deal is not concluded.
Gary Yardley, Investment Director, EC Properties commented, "This agreement
allows us to enter into the next phase of discussions with LBHF in order to
realise Sir Terry Farrell`s vision for the Opportunity Area. We believe the
Masterplan will deliver enormous benefits including a much needed multi-billion
pound investment in both the local area and London, providing 7,500 much needed
new homes and 12,000 new jobs. In addition to new homes and jobs, the Masterplan
includes offices, leisure, hotel and retail space, as well as a new primary
school, library, an integrated health centre and 23.5 acres of public open space
including the 5 acre `Lost River Park`."
-Ends-
NOTES TO EDITORS
For financial media enquires please contact:
Hudson Sandler (UK) Tel: +44 (0) 20 7796 4133
Michael Sandler/Wendy Baker
College Hill (South Africa) Tel: +27 11 447 3030
Nicholas Williams
For general media enquiries please contact:
Chris Rumfitt, Edelman Tel: +44 (0) 7967 226 646
About EC Properties Ltd:
EC Properties Ltd is one of the landowners of the Earls Court & West Kensington
Opportunity Area (ECOA) as designated in the Mayor of London`s draft Replacement
London Plan. The estate consists of the two international exhibition centres at
Earls Court and one at Olympia. These are run by EC&O Venues, which also
operates the Brewery, a conference and events venue in the City. These sites
represent a combined total of 1.7 million square feet of conference, events and
banqueting space in London.
EC Properties is a wholly owned subsidiary of Capital & Counties Properties PLC
("Capco").
CAPCO is one of the largest investment and development property companies that
specialises in central London real estate and is a constituent of the FTSE-250
Index. CAPCO holds 3.3 million square feet of assets valued at GBP1.4 billion
(31 December 2010) in three landmark London estates: Covent Garden, which has
assets valued at GBP640 million, including the historic Market Building; Earls
Court & Olympia Group and 50% of the Empress State building in Earls Court
amounting to aggregate property assets of GBP481 million; and the Great Capital
Partnership, a joint venture with Great Portland Estates, which holds prime West
End properties of which Capco`s share is GBP260 million. The company is listed
on the London Stock Exchange and the JSE, Johannesburg.
Sponsor : Merrill Lynch SA (Pty) Limited
Date: 29/07/2011 15:50:01 Produced by the JSE SENS Department.
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