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CCO - Capital & Counties Properties PLC - Capco and GPE refocus joint venture

Release Date: 09/11/2010 09:03
Code(s): JSE CCO
Wrap Text

CCO - Capital & Counties Properties PLC - Capco and GPE refocus joint venture 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 CAPITAL & COUNTIES PROPERTIES PLC ("Capco") Capco and GPE refocus Joint Venture Great Portland Estates plc ("GPE") and Capital & Counties Properties PLC ("Capco") are pleased to announce the refocusing of their joint venture, The Great Capital Partnership ("GCP"), through the disposal of four properties to GPE and the appointment of Capco as residential and retail strategy advisor to the joint venture. GPE will purchase 24/25 Britton Street, EC1, 12/14 New Fetter Lane/43 Fetter Lane, EC4, Tasman House, Wells Street, W1 and 183/190 Tottenham Court Road, W1 for a combined price of GBP45.05 million, broadly in line with September 2010 book values. These sales represent a continuation of the joint venture`s strategy to focus on its core West End holdings on Piccadilly, Regent Street and Park Crescent. Other non-core GCP properties may be sold in the medium term. In addition, Capco will take on a residential and retail strategy advisory role allowing the joint venture to draw on its extensive skills alongside those of GPE in working up various development opportunities across the business. Ian Hawksworth, Chairman of GCP and Chief Executive of Capco commented "These changes represent a logical next step in the evolution of GCP and accord with Capco`s strategy of targeted investment in central London. We look forward to progressing our exciting plans for the balance of the estate together with GPE." Toby Courtauld, Chief Executive of GPE said, "This restructuring enables the refurbishment and redevelopment of Britton Street and Fetter Lane respectively which are non-core GCP properties. We are making good progress on our plans for repositioning a number of core GCP holdings and we look forward to continuing our strong working relationship with Capco". Contacts: Capital & Counties Properties PLC Ian Hawksworth - Chief Executive 020 7887 7041 Great Portland Estates plc Toby Courtauld - Chief Executive 020 7647 3042 Hudson Sandler (Capco Financial PR) Michael Sandler 020 7796 4133 Finsbury Group (GPE Financial PR) James Murgatroyd 020 7251 3801 Gordon Simpson 020 7251 3801 9 November 2010 Sponsor: Merrill Lynch SA (Pty) Limited Date: 09/11/2010 09:03:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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