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CCO - Capital & Counties Properties PLC - Press Release 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") 21 July 2011 Great Capital Partnership sells GBP79.1 million of assets in Kensington and Midtown Great Capital Partnership ("GCP"), the joint venture between Capital & Counties Properties PLC ("Capco") and Great Portland Estates plc, has sold 26/40 Kensington High Street, London W8 and 67/75 Kingsway, London WC2. 26/40 Kensington High Street has been sold to The Khoo Teck Puat UK Foundation for GBP62.5 million. The price agreed is 10.5% ahead of the 31 March 2011 book value and reflects a net initial yield of circa 4.5%. The freehold property is situated at the corner of Kensington High Street and Kensington Palace Gardens and comprises over 120,000 sq ft of mixed use accommodation let to tenants including TK Maxx, Urban Outfitters, Wagamama and Virgin Active. The property produces an income of approximately GBP3.0 million per year. 67/75 Kingsway has been sold to Threadneedle UK Opportunities Property II LP for GBP16.58 million. The freehold property, situated on the western side of Kingsway, comprises over 30,500 sq. ft. of retail and office accommodation. Tenants include Signature Restaurants trading as Belgo, Subway, SV Life Sciences and Mitsubishi Heavy Industries Europe Ltd. The property produces a current rent of GBP623,113 per annum rising to GBP1,070,743 per annum by July 2012 on expiry of the current rent free periods. The price agreed is 9.0% ahead of the 31 March 2011 book value and represents a net initial yield of 3.6%, rising to 6.1% by July 2012. Ian Hawksworth, Chairman of GCP and Chief Executive of Capco said, "These sales are in line with our ongoing approach of recycling capital from mature assets and represents a continuation of the joint venture`s strategy to focus on its core West End holdings on Piccadilly, Regent Street and Park Crescent." Contacts: Capital & Counties Properties PLC Ian Hawksworth, Chief Executive 0203 214 9188 Great Portland Estates plc Toby Courtauld, Chief Executive 020 7647 3000 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 Great Portland Estates plc 33 Cavendish Square, London W1G 0PW Tel 020 7647 3000 Fax 020 7016 5500 www.gpe.co.uk registered number 596137 England Date: 21/07/2011 13:11:01 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.
