To view the PDF file, sign up for a MySharenet subscription.

CCO - Capital & Counties Properties PLC - Capco agrees GBP70 Million revolving

Release Date: 15/05/2012 08:20
Code(s): JSE CCO
Wrap Text

CCO - Capital & Counties Properties PLC - Capco agrees GBP70 Million revolving credit facility with BNP Paribas and HSBC 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 CAPCO AGREES GBP70 MILLION REVOLVING CREDIT FACILITY WITH BNP PARIBAS AND HSBC Capital & Counties Properties PLC ("Capco") has agreed a new five year GBP70 million revolving credit facility ("RCF") with BNP Paribas and HSBC Bank plc, secured on certain assets at Covent Garden. The facility is Capco`s first RCF and establishes a more flexible financing structure. Capco has over 830,000 sq ft of assets in Covent Garden, predominantly focused in retail and dining. The Covent Garden estate represents 50 per cent of Capco`s gross assets. Its other assets include the Earls Court exhibition centres where Capco has submitted outline planning applications for the redevelopment of a 77 acre site for Sir Terry Farrell`s Masterplan for the Earls Court & West Kensington Opportunity Area, as well as the Olympia Exhibition Centre. Recently the 7.5 acre Seagrave Road site, to create 808 new homes and a new London garden square, was granted planning consent by the London Borough of Hammersmith & Fulham. Capco also has assets in the West End through its Great Capital Partnership, a joint venture with Great Portland Estates. Capco`s Finance Director, Soumen Das commented: "I am pleased to have secured this new GBP70 million facility from our relationship banks alongside the GBP300 million refinancing last year. It highlights Capco`s access to debt finance and the attractiveness of our Covent Garden estate. The maturity profile of the group`s debt has now been significantly extended, and the revolving and undrawn facilities will allow Capco to manage its liquidity more efficiently." BNP Paribas`s Romain Simon and Matthew Webster, Head of Real Estate Finance at HSBC Bank plc, commented: "This credit arrangement follows on from November`s secured facility of GBP300 million and demonstrates our continued support for Capco. The Covent Garden assets have a strong track record and the company has exciting opportunities for growth going forward." -Ends- 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 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 GBP1.6 billion (31 December 2011) in three landmark London estates: Covent Garden, which has assets valued at GBP808 million, including the historic Market Building; Earls Court & Olympia Group and 50 per cent of the Empress State building in Earls Court amounting to aggregate property assets of GBP574 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 GBP241 million. The company is listed on the London Stock Exchange and the JSE, Johannesburg. www.capitalandcounties.com Sponsor: Merrill Lynch SA (Pty) Limited Date: 15/05/2012 08:20:26 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.

Share This Story