| Tue 15 May 2012, 8:20 | | CCO - Capital & Counties Properties PLC - Capco agrees GBP70 Million revolving |
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CCO
CCO - Capital & Counties Properties PLC - Capco agrees GBP70 Million revolving
credit facility with BNP Paribas and HSBC
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
15 May 2012
CAPITAL & COUNTIES PROPERTIES PLC
CAPCO AGREES GBP70 MILLION REVOLVING CREDIT FACILITY WITH BNP PARIBAS AND HSBC
Capital & Counties Properties PLC ("Capco") has agreed a new five year GBP70
million revolving credit facility ("RCF") with BNP Paribas and HSBC Bank plc,
secured on certain assets at Covent Garden. The facility is Capco`s first RCF
and establishes a more flexible financing structure.
Capco has over 830,000 sq ft of assets in Covent Garden, predominantly focused
in retail and dining. The Covent Garden estate represents 50 per cent of Capco`s
gross assets. Its other assets include the Earls Court exhibition centres where
Capco has submitted outline planning applications for the redevelopment of a 77
acre site for Sir Terry Farrell`s Masterplan for the Earls Court & West
Kensington Opportunity Area, as well as the Olympia Exhibition Centre. Recently
the 7.5 acre Seagrave Road site, to create 808 new homes and a new London garden
square, was granted planning consent by the London Borough of Hammersmith &
Fulham. Capco also has assets in the West End through its Great Capital
Partnership, a joint venture with Great Portland Estates.
Capco`s Finance Director, Soumen Das commented: "I am pleased to have secured
this new GBP70 million facility from our relationship banks alongside the GBP300
million refinancing last year. It highlights Capco`s access to debt finance and
the attractiveness of our Covent Garden estate. The maturity profile of the
group`s debt has now been significantly extended, and the revolving and undrawn
facilities will allow Capco to manage its liquidity more efficiently."
BNP Paribas`s Romain Simon and Matthew Webster, Head of Real Estate Finance at
HSBC Bank plc, commented: "This credit arrangement follows on from November`s
secured facility of GBP300 million and demonstrates our continued support for
Capco. The Covent Garden assets have a strong track record and the company has
exciting opportunities for growth going forward."
-Ends-
Enquiries
Capital & Counties Properties PLC
Ian Hawksworth Chief Executive
+44 (0)20 3214 9188
Soumen Das Finance Director
+44 (0)20 3214 9183
Public relations
UK: Michael Sandler/Wendy Baker, Hudson Sandler
+44 (0)20 7796 4133
SA: Nicholas Williams, College Hill Associates
+27 (0)11 447 3030
About 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 GBP1.6 billion
(31 December 2011) in three landmark London estates: Covent Garden, which has
assets valued at GBP808 million, including the historic Market Building; Earls
Court & Olympia Group and 50 per cent of the Empress State building in Earls
Court amounting to aggregate property assets of GBP574 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 GBP241 million. The company
is listed on the London Stock Exchange and the JSE, Johannesburg.
www.capitalandcounties.com
Sponsor:
Merrill Lynch SA (Pty) Limited
Date: 15/05/2012 08:20:26 Produced by the JSE SENS Department.
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