Unconditional Development Agreement now in place with Aberdeen City Council for the development of their new Exhibition and Conference Centre

Henry Boot PLC announces that late on the 23 August 2016, Henry Boot Developments Limited, the property development arm of the Group, concluded unconditional agreements with Aberdeen City Council for their new exhibition and conference centre, four-star hotel and energy centre.

The £333 million development, which will be funded by the City Council, received detailed planning permission at the end of 2015 and is located on the 130 acre former Rowett Research Institute site adjacent to Aberdeen International Airport. The scheme will include a 12,500 capacity performance venue, extensive covered exhibition halls, a four-star 200 bed hotel to be operated under the Hilton Hotels brand together with an energy centre and 2,500 parking spaces. This initial phase of the scheme will provide more than 800,000 sq ft of space and includes a development agreement for another 150 bed hotel, to be operated under the Aloft brand, which has also been exchanged, conditional upon the grant of detailed planning permission, expected later this year.

Robertson Construction Group Ltd, the main contractor, has commenced work on site and development completion is expected in the first half of 2019.

Henry Boot Developments Limited has also secured planning permission for a further 400,000 sq ft of business park space on land adjoining the exhibition and conference centre, which will be serviced as part of the above scheme, and developed jointly with Aberdeen City Council.

Jamie Boot, Chairman of Henry Boot PLC, commented:

"We are delighted to have been selected by the Aberdeen City Council to develop the city's new exhibition and conference centre, four-star hotel and energy centre. This is a landmark agreement for Henry Boot Developments with development expected to be completed in 2019.

It is very pleasing to see the larger commercial development schemes we have been preparing for some time now finally on site.  We remain mindful of the challenges facing our industry after the result of the EU Referendum, taking into consideration this current market backdrop, we maintain a cautious outlook and as such the Board's expectations remain unchanged."

For further details or requests, please contact:

Henry Boot PLC

John Sutcliffe, Chief Executive Officer

Darren Littlewood, Group Finance Director

Tel: 0114 255 5444

www.henryboot.co.uk

Investec Bank plc

Garry Levin

Tel: 020 7597 5000

TooleyStreet Communications

Fiona Tooley

Mobile: 07785 703523

Tel: 0121 309 0099