JV on major Lichfield mixed use development scheme

13th July 2011

Development Securities PLC agrees joint venture partnership on major mixed use development scheme in Lichfield.

Development Securities PLC, the leading UK property investment and development company, today announces that it has entered into a 50/50 partnership with S.Harrison Developments Ltd to develop the Friarsgate Shopping Centre in Lichfield.

The c.395,000 sq ft scheme will incorporate retail, hotel, cinema, office and residential uses together with multi storey parking and is due for practical completion in 2014.

The retail-led development has strong support from Lichfield District Council with planning consent and CPO position secured. The scheme will provide significant new prime retail space within the City and tenant interest is already strong given the current lack of modern retail space in Lichfield. The partners are in early discussions with a number of occupiers and will look to secure a Funding partner in due course.

For further information, please contact:

Matthew Weiner, Development Securities PLC 020 7828 4777

Mallika Basu/Lucy Grimble, The Communication Group PLC 020 7630 1411