Acquisition

Land Securities PLC 7 February 2001 LAND SECURITIES ACQUIRES WHITECLIFF PROPERTIES FROM BLUE CIRCLE Whitecliff's portfolio constitutes some 80% of Kent Thames-side development land Heads of Terms agreed with Blue Circle Industries plc Land Securities PLC ('Land Securities') and Blue Circle Industries PLC ('Blue Circle') announce that they have agreed Heads of Terms for Land Securities to acquire Whitecliff Properties together with 1013 acres of its Kent Thames-side and Cambridge portfolios for £60 million. The Kent Thames-side projects to be acquired include Crossways Business Park, Stone Castle and Eastern Quarry, together with Cambridge Lakes on the outskirts of Cambridge. In addition Blue Circle and Land Securities will develop in partnership a further 825 acres of Kent Thames-side which comprise Ebbsfleet and Swanscombe Peninsula. Under the terms of the agreement Blue Circle will retain ownership of the land while Land Securities will provide development expertise and development funding. Ebbsfleet, the agreed site for the Channel Tunnel Rail Link ('CTRL') international and domestic passenger stations, received a boost last month through London & Continental Railways' announcement of their placing £600 million of contracts to deliver Section Two of the CTRL from Ebbsfleet to St Pancras. Commenting on the Agreement, Peter Walicknowski, Director of Strategy at Land Securities, said: 'This acquisition is a further advance towards fulfilling Land Securities' aim to become one of the recognised leaders in creating value through mixed-use regeneration in the UK. It also corresponds with one of Land Securities' strategic objectives of working in partnership with major corporates, whose core business is not real estate, to release balance sheet value.' Rick Haythornthwaite, Chief Executive of Blue Circle, said: 'This is a further important step in the disposal strategy that we set out to shareholders last year. We are very pleased to have reached agreement with such a major and respected property company as Land Securities, who will ensure that the projects continue to be world-class.' Kent Thames-side is a 22 square-mile region incorporating the boroughs of Dartford and Gravesham. Adjacent to the M25 at the Queen Elizabeth II Bridge crossing, Kent Thames-side benefits from an extensive transport infrastructure and includes the Bluewater regional shopping centre. The region is a major component of the Government's larger Thames Gateway regeneration strategy. Kent Thames-side could support up to 30,000 new homes and over 10 million sq ft of commercial, retail and leisure usage - which will benefit from a reduced journey time of 17 minutes to Central London as a result of the CTRL station and new line. Mr Walicknowski added: 'Kent Thames-side is recognised by regional and central government as one of the most important regeneration regions in the UK. Its success is vital to ease the development pressure on London and the South-East through the provision of de-centralised employment opportunities and housing. Land Securities recognises that a visionary solution based on sustainable and balanced environmental planning principles can deliver added value for the benefit of all stakeholders.' The existing Whitecliff Properties' team will continue to deliver the regeneration vision for the Kent Thames-side region. - ENDS - For further information: Land Securities PLC: Peter Walicknowski/Emma Denne. Tel: 020 7413 9000; or Financial Dynamics Stephanie Highett Tel: 020 7831 3113 Blue Circle Industries PLC: Jacqueline Sinclair-Brown Tel: 020 7245 8225; or Brunswick Sophie Fitton Tel: 020 7404 5959 Whitecliff Properties: Hugo Peel Tel: 0207 395 7609
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