7th Apr 2015 07:15
LONDON (Alliance News) - Capital & Counties Properties PLC on Tuesday said the establishment of the Earls Court Partnership Ltd joint venture with Transport for London has been completed.
The FTSE 250-listed property company said the partnership has been completed following the grant of leases and transfers of land into the partnership.
The partnership now owns new 999 year leases over the Earls Court 1 and Earls Court 2 sites. In addition, ECPL has acquired adjacent property interests from Capital & Counties which are primarily located on and around Lillie Road. The assets were valued at GBP49 million at December 31.
Capital & Counties owns a 63% stake in the partnership, with TfL owning the other 37%.
Shares in Capital & Counties were up 0.8% to 408.1 pence on Tuesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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