100% stake acquired at Circus Street project

18 March 2015

Development Securities takes 100% stake in mixed-use regeneration project, Circus Street in Brighton

Development Securities today announces that it has bought its 50:50 joint venture partner, McLaren Property's stake in the £100 million 'Circus Street' regeneration project in Brighton for a total consideration of £4.0 million.

Resolution to grant planning consent was secured in September 2014 to transform a derelict fruit and vegetable market in a prime location in Brighton into a comprehensive mixed-use regeneration project. Circus Street will incorporate 142 residential units, 450 student beds, 38,000 sq. ft. of office space as well as a new dance studio for South East Dance and a new library and academic buildings for the University of Brighton. The project is being delivered as a public private partnership alongside the freeholders of the land, Brighton and Hove Council and the University of Brighton.

The delivery strategy for the various elements of the scheme is now being progressed with construction anticipated to start on site later this year.

Matthew Weiner, Executive Director said: "Circus Street will create an exciting new quarter within Brighton, offering first class facilities for the University and for South East dance within a vibrant new mixed-use community. Originally one of the projects within Cathedral Group's portfolio, Circus Street perfectly complements our activities and builds on our experience in mixed-use regeneration in Greater London and the South East. We look forward to delivering the project alongside the Council and the University of Brighton."

For further information, please contact:

Matthew Weiner/Lucy Grimble, Development Securities PLC

020 7828 4777