Exclusivity Agreement signed with LBHF

RNS Number : 3980L

Capital & Counties Properties Plc

29 July 2011

 



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 21^st 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 £15 million, £10 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'."

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NOTES TO EDITORS

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Hudson Sandler (UK)      Michael Sandler/Wendy Baker	Tel:      [phone]
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Chris Rumfitt, Edelman                                       Tel:      [phone]

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 £1.4 billion (31 December 2010) in three landmark London estates: Covent Garden, which has assets valued at £640 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 £481 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 £260 million. The company is listed on the London Stock Exchange and the JSE, Johannesburg.

 

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