CAPITAL & COUNTIES PROPERTIES PLC - Receipt of 105 million of deferred consideration from sale of Earls Court

Receipt of £105 million of deferred consideration from sale of Earls Court

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
LEI: 549300TTXXZ1SHUI0D54


30 November 2020




                         CAPITAL & COUNTIES PROPERTIES PLC
                                      (“Capco”)

            Receipt of £105 million of deferred consideration from sale of Earls Court



Capco confirms that it has received £105 million of deferred cash consideration from the Earls Court
sale. This amount represents a scheduled payment following the sale announced in November 2019.
The final payment of £15 million is due to be received in November 2021.

This receipt further enhances Capco’s financial flexibility and liquidity. Proceeds will be used to reduce
borrowings under the Covent Garden revolving credit facility.

Based on Capco’s net debt and the independent valuation of its property portfolio as at 30 June 2020,
and taking into account the proceeds of the sale of the Wellington Block (£76.5 million), payments in
respect of Shaftesbury shares acquired in August and November 2020 (£153 million in total) and the
proceeds of the exchangeable bond issue announced on 19 November 2020 (£275 million), on a pro
forma basis Capco’s net debt would be approximately £700 million representing a net debt to gross
assets ratio of 25 per cent (30 June 2020: 26 per cent). On the same basis, net debt for Covent Garden
would be approximately £475 million and the loan to value ratio would be 23 per cent (30 June 2020:
36 per cent).



JSE Sponsor:

Merrill Lynch South Africa (Pty) Limited


Enquiries:
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 Commercial Finance & Investor Relations        +44 (0)20 3214 9165


About Capital & Counties Properties PLC (“Capco”)

Capital & Counties Properties PLC is one of the largest listed property investment companies in
central London and is a constituent of the FTSE-250 Index. Capco's landmark estate at Covent Garden
was valued at £2.2 billion (as at 30 June 2020) where its ownership comprises over 1.2 million square
feet of lettable space. As at the date hereof, Capco owns a 25.2 per cent shareholding in Shaftesbury
PLC. Capco shares are listed on the London Stock Exchange and the Johannesburg Stock Exchange.

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Date: 30-11-2020 09:00:00
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