Update Regarding Transport for London

RNS Number : 3967Z

Capital & Counties Properties Plc

05 February 2014

 



Capital & Counties Properties PLC

Update regarding Transport for London

Capital & Counties Properties PLC ("Capco") is pleased to note that the Board of Transport for London ("TfL") has approved the proposed joint venture in relation to the land currently occupied by the Earls Court 1 and 2 exhibition halls. The terms are in line with those previously announced.

Legal documentation is being finalised and a further announcement will be made at that time.

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 holds 2.7 million square feet of assets valued at £2.1 billion (as at 30 June 2013) in two landmark London estates: Covent Garden, which has assets valued at £1.1 billion including the historic Market Building, and EC Properties including the Empress State Building together with the Venues business amounting to aggregate property assets of £970 million. The company is listed on the London Stock Exchange and the JSE, Johannesburg.

"Capco" represents Capital & Counties Properties PLC and all its subsidiary companies and group undertakings.

www.capitalandcounties.com

About the Earls Court Masterplan:

The Earls Court Masterplan is one of the largest regeneration projects in London and was approved in July by the Mayor of London, following the resolutions to grant consent from both the London Borough of Hammersmith & Fulham and the Royal Borough of Kensington & Chelsea in 2012. The Masterplan covers 77 acres of land, known as the Earls Court & West Kensington Opportunity Area, owned by Capital & Counties Properties PLC, TfL and LBHF. The Earls Court Masterplan is 10.1 million square feet of space and was designed by Sir Terry Farrell who was inspired by the best of London to create 'Four new Urban Villages and a 21st Century High Street.' The Masterplan will deliver 7,500 new homes, 12,000 new jobs as well as new open green space, health facilities, new schools, community and cultural space and improvements to the transport and infrastructure of the local area. Earls Court 1 and 2 will be part of the first phase of the Earls Court Masterplan with further phases to include the estates within LBHF and London Underground Limited's Lillie Bridge Depot if and when it is operationally feasible to do so.

Enquiries:

Sarah Hagan, Director of Communications (General Media)    Tel: + 44 (0) 20 3214 9185

For financial media enquires please contact:

UK: Michael Sandler/Wendy Baker, Hudson Sandler                  Tel: [phone]

SA: Frederic Cornet, Instinctif Partners                                           Tel: [phone]

 

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