Capital & Counties Properties Interim Management Statement For The Period 1 January To 3 May 2013

Ian Hawksworth, Chief Executive of Capital & Counties Properties PLC, commented: “Capco has had an active start to the year reflecting the positive conditions in the central London retail and residential property markets and the quality of the Group’s portfolio. We continue to see strong demand for new space at Covent Garden from retailers and restaurants with a number of new signings. The receipt of the Secretary of State’s approval for the land agreement with LBHF is another major milestone in establishing the Earls Court Masterplan.”

New lettings at Covent Garden
– 8 new retailer and restaurant signings including Galeria Melissa at 43 King Street
– New lettings and renewals at 10.3 per cent above December 2012 ERV
– Launch of The Russell, Capco’s second luxury residential conversion

Continued momentum on Earls Court Masterplan
– Secretary of State approval for the Conditional Land Sale Agreement
– Completion of agreement with Network Rail in regard to its air space over the West London Line within the Earls

Court Masterplan
Progress towards implementation at Lillie Square
– Design amendments to enhance the Lillie Square scheme submitted to LBHF in March

Strong financial position
– Group LTV 12 per cent (based on December 2012 valuations)
– Cash and available facilities of £361 million at 31 March 2013

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