Capital & Counties Properties Plc Contracts Exchanged on 49 Units at Lillie Square (1523G)

TIDMCAPC

RNS Number : 1523G

Capital & Counties Properties Plc

28 February 2018

28 February 2018

CAPITAL & COUNTIES PROPERTIES PLC ("Capco")

CONTRACTS EXCHANGED ON 49 APARTMENTS AT LILLIE SQUARE

Capco today announces that the Lillie Square joint venture (between Capco and KFI) has exchanged contracts with an international investor for the sale of all 49 apartments and 31 parking spaces at '9 Lillie Square', the fourth block within Phase 2 of the Lillie Square development. Total consideration is approximately GBP66 million (GBP33 million Capco share). On exchange of contracts a deposit of GBP6.6 million (GBP3.3 million Capco share) was received representing 10 per cent of consideration, with a further staged payment of 10 per cent to be received in 12 months and the balance on completion.

Pricing is in line with Phase 2 sales to date, at a modest premium to comparable units in Phase 1. 142 of the 186 units in Lillie Square Phase 2 have now been reserved or exchanged.

-ENDS-

Enquiries

Capital & Counties Properties PLC:

 
                                                [phone] 
Ian Hawksworth     Chief Executive               9188 
                                                [phone] 
Situl Jobanputra   Chief Financial Officer       9183 
                                                [phone] 
Sarah Corbett      Head of Investor Relations    9165 
 

Media enquiries:

 
                                   [phone] 
UK: Tulchan      Susanna Voyle      4200 
                                   [phone] 
SA: Instinctif   Frederic Cornet    3030 
 

Notes to Editors

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 GBP3.5 billion as at 31 December 2017 (Group share). The company is listed on the London Stock Exchange and the Johannesburg Stock Exchange.

www.capitalandcounties.com

About KFI:

Lillie Square is owned and developed by a joint venture between Capital & Countries Properties PLC ('Capco') and interests of certain members of the Kwok family ('KFI'). KFI are major shareholders of Sun Hung Kai Properties Limited, one of the largest real estate companies listed on the Hong Kong Stock Exchange.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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February 28, 2018 02:00 ET (07:00 GMT)