Business
Discussions between Capco and TfL advance
Discussions between Capco and TfL advance.
About this update from Shaftesbury Capital Plc
[{"type":"text","content":"\n \nRNS Number : 6652J Capital & Counties Properties Plc 18 July 2013 \n \n\nPRESS RELEASE \n18 July 2013\nDISCUSSIONS BETWEEN CAPCO AND TfL ADVANCE \nTO BRING FORWARD THE EARLS COURT MASTERPLAN\n \nCapital & Counties Properties PLC (\"Capco\") and Transport for London (TfL) have agreed to pursue proposals to settle heads of terms for a joint venture to enable the development of Earls Court 1 & 2 in line with the Earls Court Masterplan. This approach was endorsed by TfL's Finance & Policy Committee which met on 18 July.\nTfL owns the freehold to the exhibition centres known as Earls Court 1 & 2, and Capco is the current leaseholder of both sites. The agreement will enable the two organisations to establish a joint entity which will own a new 999 year lease over the sites, as well as other land owned by Capco. It is envisaged that ownership of the development will be split 63 percent to Capco and 37 percent to TfL, which reflects the value created by combining both organisations respective freehold and leasehold interests. No cash consideration will be payable by either party.\n \nUnder the joint venture, Capco will be the exclusive development manager. This will enable a comprehensive approach to be taken for the implementation of Sir Terry Farrell's Masterplan for the wider Earls Court and West Kensington Opportunity Area which was approved by the Mayor of London on 4 July 2013. Funding for each phase of the development will be sought when it is in a position to be progressed. \n \nGary Yardley, Investment Director of Capco, commented: \"This is a major step forward for the Earls Court Masterplan. On top of the resolution to grant planning consents, and the agreement we already have in place with LBHF, these proposals would mean that the development of Earls Court can now be progressed. We look forward to working with TfL to deliver the substantial benefits to London and the local community, creating much needed new homes and new jobs.\n \nThe Earls Court Masterplan area represents a unique opportunity to regenerate a substantial part of central London, creating 7,500 homes, 12,000 jobs and new health, education, cultural and community facilities as well as 23 acres of green space including the five acre Lost River Park. It received resolutions to grant p...