Capital & Counties Properties PLC ("Capco") has exchanged contracts to acquire Kier Limited's share of its Solum Regeneration ("Solum") joint venture with Network Rail.
Solum will explore opportunities for future redevelopments on and around significant railway station sites in London. It is anticipated that the transaction will complete on or around the end of June.
Gary Yardley, Managing Director and Chief Investment Officer, Capco commented:
"Our London-focused business has provided us with valuable experience in creating places and bringing forward ambitious schemes. We are delighted to be entering into this joint venture with Network Rail, which offers the opportunity to take forward significant urban regeneration schemes at key transport interchanges in London."
ENDS
Enquiries
Capital & Counties Properties PLC:
Sarah Hagan | Director of Communications & Marketing | +44 (0)20 3214 9185 |
Michelle McGrath | Director of Investor Relations | +44 (0)20 7297 6093 |
Media enquiries:
UK: Hudson Sandler | Michael Sandler, Wendy Baker | +44 (0)20 7796 4133 |
SA: Instinctif Partners | Frederic Cornet | +27 (0) 11 447 3030 |
Notes to Editors
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A copy of the Voluntary Transparency Notice is available at
http://ted.europa.eu/udl?uri=TED:NOTICE:130498-2014:TEXT:EN:HTML - In 2008, Network Rail created a 50:50 joint venture property regeneration partnership with Kier Limited. The joint venture can contract with Network Rail to take a transfer of a portfolio of sites, to be developed in accordance with the objectives of Network Rail, to deliver profit to both parties in the joint venture and to improve facilities for Network Rail.
- Kier Limited will continue to take forward existing projects with Network Rail including Guildford, Twickenham and Bishops Stortford stations.
About Capital & Counties Properties PLC
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 are valued at £3.0 billion (as at 31 December 2014): Covent Garden, which has assets valued at £1.6 billion including the historic Market Building; and Earls Court Properties including the Empress State Building together with the Venues business with aggregate property assets of £1.4 billion. The company is listed on the London Stock Exchange and the Johannesburg Stock Exchange.
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