Statement re Hammersmith Grove funding

26th October 2011

Scottish Widows Investment Partnership Property Trust commits £50 million forward funding to Development Securities PLC in Hammersmith

Development Securities PLC, the leading property investment and development company, today announces that Scottish Widows Investment Partnership Property Trust (SWIPPT) will commit £50 million to the forward funding of the first phase of its speculative Hammersmith Grove development in the heart of the town centre.

The site, previously owned by Transport for London (TfL), is located adjacent to the Hammersmith & City line station and immediately to the north of the Broadway, the 1.5 acre site is currently used as a surface car park and will be transformed into two prime office buildings designed by BFLS totalling 275,000 sq ft of modern space. The creation of high quality office space will be further enhanced by the provision of new restaurants and cafes as well as significant public open space.

It is envisaged that construction of phase one, the building located to the south of the site facing onto Lyric Square, will commence on site towards the end of this year with completion targeted for early 2013. The building comprises 110,000 sq ft net offices, and 6,000 sq ft of restaurants and cafes.

For further information, please contact:

Simon Hesketh, Project Development Director, Development Securities PLC: 020 7828 4777

Naomi Galt, FTI consulting (formerly FD): 020 7269 9351

Kahrene Lawrie, SWIP: 0131 655 8500