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CCO - Capital & Counties Properties Plc - Hammersmith & Fulham Council adopts

Release Date: 20/03/2012 09:00
Code(s): JSE CCO
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CCO - Capital & Counties Properties Plc - Hammersmith & Fulham Council adopts New Earls Court Planning Policy 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 20 March 2012 PRESS RELEASE HAMMERSMITH & FULHAM COUNCIL ADOPTS NEW EARLS COURT PLANNING POLICY Capital & Counties Properties PLC ("Capco") is pleased to note that the London Borough of Hammersmith & Fulham ("LBHF") has adopted a new policy document, known as the Supplementary Planning Document ("SPD"), covering the Earls Court & West Kensington Opportunity Area ("ECOA"). The SPD supports the planning policy basis for the consideration of the planning application for Sir Terry Farrell`s Earls Court Masterplan, which proposes a 7,500 home development across the ECOA. Following adoption of the SPD by LBHF, it is understood that it will be considered by the Royal Borough of Kensington & Chelsea shortly. The site has already been identified as an Opportunity Area by the Mayor of London in the London Plan, meaning it is considered as a site potentially suitable for comprehensive development. Following adoption by LBHF, and if adopted by RBKC, it is anticipated that the Mayor will publish the document as Supplementary Planning Guidance. In July 2011, an Exclusivity Agreement was signed by Capco and LBHF allowing a 12 month period for both parties to progress discussions in relation to LBHF owned land within the ECOA. Capco has now agreed with LBHF to acquire any private residential units on the West Kensington or Gibbs Green estates in the unlikely event that LBHF is required to purchase these properties if an owner brings forward a valid claim under certain provisions of the Town and Country Planning Act 1990 which relate to Statutory Blight suffered as a result of the adoption of the SPD, up to a maximum of GBP50 million including certain other related costs. Capco can give notice to terminate the agreement if a land purchase agreement is not entered into by the end of the exclusivity period in July 2012. It is intended that costs incurred would be offset against the consideration relating to any future land purchase agreement in respect of the LBHF land. In addition, Capco has been informed that the application for judicial review in respect of the Exclusivity Agreement has been withdrawn. Gary Yardley, Investment Director of Capco, commented: "We are pleased that the SPD has been adopted by LBHF. This augments the sound planning policy basis for the consideration of the Masterplan planning application." -ENDS- Capital & Counties Properties PLC Ian Hawksworth, Chief Executive Tel: + 44 (0) 20 3214 9188 Gary Yardley, Investment Director Soumen Das, Finance Director For financial media enquires please contact: Hudson Sandler (UK) Tel: +44 (0) 20 7796 4133 Michael Sandler/Wendy Baker College Hill (South Africa) Tel: +27 11 447 3030 Nicholas Williams For general media enquiries please contact: Chris Rumfitt, Edelman Tel: +44 (0) 7967 226646 Sponsor: Merrill Lynch SA (Pty) Limited Notes to Editors: Statutory Blight occurs under certain provisions of the Town and Country Planning Act 1990. A blight notice is a notice in a prescribed form that a claimant serves seeking to accelerate the compulsory purchase of their property by claiming that he/she falls within one of the specified categories in the Act. About Capital & Counties Properties PLC (Capco): CAPITAL & COUNTIES PROPERTIES PLC is one of the largest companies that specialises in central London real estate and is a constituent of the FTSE-250 Index. CAPITAL & COUNTIES PROPERTIES PLC holds 3.3 million square feet of assets valued at GBP1.6 billion (as at 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% 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. Date: 20/03/2012 09:00:01 Supplied by 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.

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