CCO - Capital & Counties Properties PLC - Capco announces the acquisition of

CCO - Capital & Counties Properties PLC - Capco announces the acquisition of    
five properties in Covent Garden for GBP68 million                              
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")                                     
Press Release                                                                   
CAPCO ANNOUNCES THE ACQUISITION OF FIVE PROPERTIES IN COVENT GARDEN FOR GBP68   
MILLION                                                                         
Capital & Counties Properties PLC ("Capco") has exchanged contracts for the     
acquisition of five freehold properties in Covent Garden, London WC2 from       
Derwent London plc for a cash consideration of GBP68 million before costs.  The 
properties comprise: 19a and 19-26 Floral Street, 26 and 27-32 King Street and  
34 Rose Street.  The adjacent properties, which front King Street and Floral    
Street, provide 71,900 sq ft (6,680m2) of office, retail and residential        
accommodation around a central courtyard.  There are 10 tenants, producing an   
annual rental income of GBP2.5 million.  The acquisition reflects a net initial 
yield of 3.5% and equivalent yield of 4.9%.                                     
The office component comprises 46,000 sq ft (4,275m2) with tenants including F&C
Asset Management and Beale & Co Solicitors.  The retail element is 23,000 sq ft 
(2,135m2) and there is 2,900 sq ft (270m2) of residential.  Retail tenants      
include Moss Bros, Hackett and Carluccio`s.                                     
Ian Hawksworth, Chief Executive of Capco, commented:                            
"This acquisition is in line with our strategy to increase our ownership in     
Covent Garden through the acquisition of key properties and brings the value of 
our estate to over GBP700 million. This deal will allow us to continue to add   
value to our holdings through the repositioning of King Street as the home of   
contemporary luxury within Covent Garden whilst also extending our residential  
and office portfolio."                                                          
John Burns, Chief Executive Officer at Derwent London, commented:               
"We have owned these properties since 1999 and they have shown good capital     
appreciation during this period.  However, having identified a purchaser with   
major holdings in the immediate area, we have taken the opportunity to recycle  
capital with this sale realising a value significantly above the December 2010  
valuation."                                                                     
-ends-                                                                          
17 May 2011                                                                     
For further information please contact:                                         
Ian Hawksworth, Chief Executive, Capco:    Tel - 020 3214 9188                  
Michael Sandler, Hudson Sandler:           Tel - 020 7796 4133                  
Sponsor:                                                                        
Merrill Lynch SA (Pty) Limited                                                  
Notes to editors                                                                
About 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 GBP1.4 billion   
(31 December 2010) in three landmark London estates: Covent Garden, which has   
assets valued at GBP640 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 GBP481 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 GBP260 million.  The company is listed 
on the London Stock Exchange and the JSE, Johannesburg.                         
Derwent London plc                                                              
Derwent London plc is the largest central London focused REIT with an investment
portfolio of GBP2.4 billion as at 31 December 2010. The group is one of London`s
most innovative office specialist property regenerators and investors and is    
well known for its established design-led philosophy and creative management    
approach to development.                                                        
Derwent London`s core strategy is to acquire and own a portfolio of central     
London property that has reversionary rents and significant opportunities to    
enhance and extract value through refurbishment, regeneration and redevelopment.
The Group owns and manages an investment portfolio of 5.4 million sq ft         
(500,000m2), as at 31 December 2010, of which 95% is located in central London, 
with a specific focus on the West End and the areas bordering the City of       
London. Landmark schemes by Derwent London include Angel Building EC1, Arup     
Phases II & III W1, Qube W1, Horseferry House SW1, Johnson Building EC1,        
Davidson Building WC2 and Tea Building E1.                                      
Derwent London came first in the property sector in the 2010 awards for         
`Britain`s Most Admired Companies`.                                             
Capco Covent Garden Estate Map                                                  
(The map has been removed. Please refer to the company`s website                
www.capitalandcounties.com)                                                     
Date: 17/05/2011 08:00:13 Supplied by www.sharenet.co.za                     
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