CAPITAL & COUNTIES PROPERTIES PLC - Capco and TfL establish Joint Venture to develop Earls Court 1 & 2

Capco and TfL establish Joint Venture to develop Earls Court 1 & 2

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 March 2014

                                 Capital & Counties Properties PLC

               Capco and TfL establish Joint Venture to develop Earls Court 1 & 2

Capital & Counties Properties PLC (“Capco”) and Transport for London (“TfL”) are pleased to
announce that they have established a joint venture, Earls Court Partnership Limited (“Earls Court
Partnership” or the “Joint Venture”) which will enable the development of Earls Court 1 & 2 in line with
the Earls Court Masterplan.

Earls Court Partnership has been formed with Capco owning 63 per cent and TfL 37 per cent of the
shares respectively. The Joint Venture has appointed a board of directors which comprises four
representatives from Capco and three representatives from TfL. Capco has also been appointed as
the business and development manager to enable the development of Earls Court 1 & 2 to be co-
ordinated with the wider development of the Masterplan.

The Masterplan will deliver 7,500 new homes and 10,000 new jobs. It will also see the development of
a new primary school, a new leisure centre, new health facilities as well as community and cultural
spaces. Thirty seven acres of green open space will be provided, including a new five acre park and
there will also be significant improvements to the transport infrastructure including increased capacity
at Earls Court, West Kensington and West Brompton underground stations.

TfL owns the freehold to the exhibition centres known as Earls Court 1 & 2 and Capco is the
leaseholder of both sites. In addition to its leasehold interest, Capco owns certain other adjacent land
interests, including the Northern Access Road, which will be contributed to the Joint Venture.

It is anticipated that the joint venture arrangements will complete in full once vacant possession is
available, which will result in new 999 year leases over Earls Court 1 & 2 being granted to the Joint
Venture. In addition, on completion the Joint Venture will acquire other smaller properties in the Earls
Court area currently owned by Capco.

Gary Yardley, Investment Director of Capco, commented: “We are delighted to finalise this agreement
and look forward to working with TfL. The re-imagination of Earls Court is moving forward and
presents a unique opportunity to establish a new address in central London. Together with our
partners, we will bring 7,500 new homes, 10,000 new jobs to the area, and benefits not just for the
local economy, but for London as a whole.”
Graeme Craig, Director of Commercial Development of TfL, commented: “This is another great step
forward in the development of the Earls Court Masterplan which will create much needed homes and
jobs for London whilst generating substantial revenues for us to reinvest back into the transport
network.

“This is the first example of our new approach of retaining and investing in our assets across London,
working in partnership with leading developers like Capco, which will deliver real long-term value for
fare and taxpayers.”

Enquiries

Capital & Counties Properties PLC

Sarah Hagan, Director of Communications                       Tel: +44 (0) 20 3214 9185
sarah.hagan@capitalandcounties.com

Public relations
UK: Michael Sandler, Hudson Sandler                           Tel: +44 (0) 20 7796 4133
SA: Frederic Cornet, Nick Williams, Instinctif Partners       Tel: +27 (0) 11 447 3030

Transport for London

Public relations:
Sylvia Quagraine
Tel: 0203 054 7182
Email: sylviaquagraine@tfl.gov.uk

Sponsor
Merrill Lynch South Africa (Pty) Ltd

About Capital & Counties Properties PLC (Capco)

Capital & Counties Properties PLC 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 3.6 million square feet of assets valued at £2.3 billion (as at 31 December 2013) in two
landmark London estates: Covent Garden, which has assets valued at £1.2 billion including the
historic Market Building, and EC Properties including the Empress State Building together with the
Venues business amounting to aggregate property assets of £934 million.

As at 31 December 2013, the interests to be contributed by Capco to the Joint Venture, which include
the leasehold interests in Earls Court 1 & 2, the Northern Access Road and Cluny Mews, were valued
at £459 million in total by its external valuer.

The company is listed on the London Stock Exchange and the Johannesburg Stock Exchange.

www.capitalandcounties.com


Transport for London (TfL)

TfL is responsible for 27 million journeys a day. It operates the Tube network, as well as five per cent
of London's road network, buses, the DLR, London Overground, London Tramlink, Barclays Cycle
Hire, the Emirates Air Line and River Services.
The contracts for the transaction will be available from 10:00 on 28 March 2014 at –
www.tfl.gov.uk/corporate/publications-and-reports/earls-court-village-development

Cushman & Wakefield LLP and Eversheds LLP have been TfL’s advisers on the transaction.
Rothschild and Pinsent Masons LLP have advised Capco.

About the Earls Court Masterplan:

The Earls Court Masterplan received outline planning consent in November 2013 and is one of the
largest regeneration projects in London. The Masterplan covers 77 acres of land, known as the Earls
Court & West Kensington Opportunity Area, owned by Capco, TfL and London Borough of
Hammersmith & Fulham (LBHF). The Earls Court Masterplan is 10.1 million square feet of space and
was designed by Sir Terry Farrell who was inspired by the best of London to create 'Four new Urban
Villages and a 21st Century High Street.' The Masterplan will deliver 7,500 new homes, 10,000 new
jobs as well as new open green space, health facilities, new schools, community and cultural space
and improvements to the transport and infrastructure of the local area. Earls Court 1 and 2 will be part
of the first phase of the Earls Court Masterplan with further phases to include the estates within LBHF
and London Underground Limited's Lillie Bridge Depot, if and when it is operationally feasible to do
so.

Date: 28/03/2014 09:00:00 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.