Significant Pre-Let in Covent Garden

RNS Number : 4672Y

Capital & Counties Properties Plc

17 May 2016

 

17 May 2016

CAPITAL & COUNTIES PROPERTIES PLC ("CAPCO")

 SIGNIFICANT PRE-LET AT KINGS COURT IN COVENT GARDEN

Capco announces that it has signed a significant pre-let following positive demand for its Kings Court development in Covent Garden. Petersham Nurseries, the world-renowned lifestyle brand will occupy over 16,000 square feet (NIA), creating new bespoke retail and dining concepts across four units.

Covering circa 60 per cent of the scheme's commercial space, this is the first major signing at Kings Court and begins the repositioning of Floral Street, extending Capco's placemaking approach onto this key street.

Plans for the Kings Court development include a new public courtyard, 10 retail and dining units as well as 45 premium apartments. The development will open up the western side of Covent Garden, enhancing the linkage and permeability between King Street and Floral Street. The development of Kings Court is progressing well and is on track for completion in 2017.

Soumen Das, Managing Director and Chief Financial Officer of Capco, commented:

 "We are delighted to welcome Petersham Nurseries to Kings Court at Covent Garden. The Kings Court development is designed to transform the western side of the estate, unlocking the value creation opportunity on Floral Street. We are very pleased that Petersham Nurseries has chosen this high quality scheme as its first central London location where its unique brand and bespoke retail and dining concepts will bring the development to life". 

Enquiries

Capital & Counties Properties PLC:

Ian Hawksworth	Chief Executive	[phone]
Soumen Das	Managing Director & Chief Financial Officer	[phone]
Michelle McGrath	Director of Investor Relations	[phone]

Media enquiries:

Sarah Hagan	Director of Communications & Marketing	[phone]
UK: Tulchan	Susanna Voyle	[phone]
SA: Instinctif Partners	Frederic Cornet	[phone]

This announcement includes statements that are forward-looking in nature. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Capital & Counties Properties PLC to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Any information contained in this announcement on the price at which shares or other securities in Capital & Counties Properties PLC have been bought or sold in the past, or on the yield on such shares or other securities, should not be relied upon as a guide to future performance.

Notes to Editors

About Capital & Counties Properties PLC (Capco):

Capital & Counties Properties PLC 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's landmark London estates are valued at £3.7 billion¹ (as at 31 December 2015): Covent Garden, which has assets valued at £2.0 billion including the historic Market Building; and Earls Court Properties including the Empress State Building together with the Venues business with aggregate property assets of £1.7 billion. The company is listed on the London Stock Exchange and the Johannesburg Stock Exchange.

1. Group share

 

END

 

 

MSCLIFFAESIDLIR