CCO - Capital & Counties Properties PLC - Capital & Counties Properties Plc

Release Date: 15/05/2012 08:19
Code(s): JSE CCO
Wrap Text

CCO - Capital & Counties Properties PLC - Capital & Counties Properties Plc interim management statement for the period 1 January to 15 may 2012 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 15 May 2012 CAPITAL & COUNTIES PROPERTIES PLC INTERIM MANAGEMENT STATEMENT FOR THE PERIOD 1 JANUARY TO 15 MAY 2012 Highlights: * Three new properties acquired in Covent Garden in March and tenant activity remains strong with several recent openings * Progress continues on the Earls Court Masterplan with the Supplementary Planning Document for the ECOA adopted by both RBKC and LBHF in March * Planning consent granted for the Seagrave Road development following the signing of the Section 106 agreement in March * Draft terms published in relation to the possible sale of LBHF`s land holdings in Earls Court will go to a full Cabinet meeting in the coming months for a decision * New 5-year GBP70 million revolving credit facility agreed * GBP102 million (Capco share) of sales from GCP completed at a 8.5 per cent premium to December 2011 valuation Ian Hawksworth, Chief Executive of Capital & Counties Properties PLC, commented: "Capco has had an active start to the year maintaining momentum and continuing progress against its strategy of creative rejuvenation in Covent Garden, achieving planning milestones for the Earls Court Masterplan and Seagrave Road as well as recycling capital back into the business. The Queen`s Diamond Jubilee celebrations and the Olympics will place a spotlight on London in 2012 and this should benefit the Group which is focused on landmark locations in the capital." A conference call for analysts and investors is being held today at 8:30am UK time. Enquiries Capital & Counties Properties PLC Ian Hawksworth Chief Executive +44 (0)20 3214 9188 Soumen Das Finance Director +44 (0)20 3214 9183 Public relations UK: Michael Sandler/Wendy Baker, Hudson Sandler +44 (0)20 7796 4133 SA: Nicholas Williams, College Hill Associates +27 (0)11 447 3030 Covent Garden
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