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Great Capital Partnership sells on Regent Street, W1
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
28 September 2012
Great Capital Partnership sells on Regent Street, W1
The Great Capital Partnership (“GCP”), the 50/50 Joint Venture between Capital & Counties
Properties PLC and Great Portland Estates plc announces that it has sold £112.60 million of property
on Regent Street at a combined surplus of 8.3% to the March 2012 valuation.
Regent Arcade House was sold to Stenham Property Ltd for £48.00 million. The 64,656 sq. ft.
property is let to four office tenants, producing £2.78 million per annum with one vacant floor and a
further two floors falling vacant in September 2012 and January 2013 respectively. The property is
held on a long lease from The Crown Estate (“TCE”), expiring December 2132, at a peppercorn rent.
The retail elements of the basement, ground and mezzanine floors are sublet back to TCE for a term
also expiring December 2132, at a peppercorn rent. The sale price reflects a Net Initial Yield of 5.5%.
Pending approval from TCE, GCP has exchanged contracts for the sale of 100 Regent Street to
Hermes Real Estate Investment Management Limited (HREIML) for £64.60 million. The Grade II
Listed building, located on the corner of Regent Street and Glasshouse Street totals 52,198 sq. ft. The
property is held on a long lease from TCE for a term of years expiring in December 2132 and geared
to 10% of retail rents received. The property is currently fully let to three tenants on five leases and
produces a net income of £2.50 million per annum and the sale price reflects a Net Initial Yield of
3.66%. GCP has agreed an overage provision with the purchaser should the property be sold in the
first two years.
Contacts:
Great Portland Estates plc
Toby Courtauld, Chief Executive 020 7647 3000
Capital & Counties Properties PLC
Ian Hawksworth, Chief Executive 020 3214 9188
Finsbury Group (GPE Financial PR)
James Murgatroyd 020 7251 3801
www.gpe.co.ukregistered number 596137 England
Gordon Simpson 020 7251 3801
Capco public relations
UK: Michael Sandler / Wendy Baker, Hudson Sandler 020 7796 4133
SA: Nicholas Williams / Morne Reinders, College Hill Associates +27 (0)11 447 3030
Sponsor: Merrill Lynch South Africa (Pty) Ltd
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 3.0 million square feet
of assets valued at £1.6 billion (as at 30 June 2012) in three landmark London estates: Covent Garden,
which has assets valued at £856 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 £620 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 £159 million. The company
is listed on the London Stock Exchange and the JSE, Johannesburg.
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