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Release Date: 31/05/2019 08:00
Code(s): CCO     PDF:  
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Update on ECPL valuation

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)
ISIN: GB00B62G9D36
JSE code: CCO

31 May 2019

                    CAPITAL & COUNTIES PROPERTIES PLC (“Capco”)

                                           Update on ECPL valuation

Capco has been notified by Transport for London (“TfL”) that it has obtained from JLL an independent
valuation of the underlying property interests held by Earls Court Partnership Limited (“ECPL”) as at 31
March 2019 for the purposes of its year-end financial statements, which are due to be published today.

Based on this valuation, the implied value of Capco’s property interests in ECPL is £412 million,
representing a like-for-like decrease of 10.5 per cent compared with the valuation as at 31 December 2018
of £461 million. A number of adjustments have been made to the component parts of the valuation,
including increased developer’s margin and total development cost assumptions as well as a more
conservative view on gross development value.

On a pro forma basis, this would reduce Capco’s 31 December 2018 EPRA NAV of 326 pence by
approximately 6 pence per share.


Capital & Counties Properties PLC
 Ian Hawksworth                       Chief Executive                               +44 (0)20 3214 9188
 Situl Jobanputra                     Chief Financial Officer                       +44 (0)20 3214 9183
 Sarah Corbett                        Head of Investor Relations                    +44 (0)20 3214 9165

Media enquiries
 Sarah Hagan                          Director of Communications                    +44 (0)20 3214 9185
 UK: Tulchan                          Jessica Reid                                  +44 (0)20 7353 4200
 SA: Instinctif                       Frederic Cornet                               +27 (0)11 447 3030

JSE Sponsor:
Merrill Lynch South Africa (Pty) Limited

Notes to Editors

About Earls Court Partnership Limited (ECPL)
Earls Court Partnership Limited is the investment vehicle with TfL. Capco holds 63 per cent controlling
interest and TfL holds 37 per cent. ECPL holds interests in the site formerly the location of the Earls Court
Exhibition Centres, and other adjacent property primarily located on and around Lillie Road.
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's landmark
London estates at Covent Garden and Earls Court were valued at £3.3 billion as at 31 December 2018
(Group share). The company is listed on the London Stock Exchange and the Johannesburg Stock


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