21 July 2017

CAPITAL & COUNTIES PROPERTIES PLC ("Capco")

£225 million US Private Placement debt for Covent Garden

Capco announces that Covent Garden Group Holdings Limited, the holding company for Capco's Covent Garden assets and a wholly owned subsidiary of Capco, has signed an agreement with eight institutional investors, for a private placement of £225 million senior unsecured notes with maturities ranging from seven to 20 years. The sterling denominated unsecured debt has a weighted average fixed rate coupon of 2.75%.

It is expected that closing and funding of the transaction will occur in August. The new issue will share the same financial covenants as the existing £325 million of private placement notes issued in 2014 and 2016 and the £705 million bank facility signed in December 2015. Proceeds of the issue will be used initially to repay the bank facility and for subsequent investment on the Covent Garden estate.

Barclays Bank PLC and Natwest Markets acted as joint active agents on this transaction and were supported by Santander and HSBC.

Situl Jobanputra, Chief Financial Officer of Capco, commented: "We are very pleased with our third successful US Private Placement issue, the support we have received from existing investors and to welcome six new institutions to join our investor group at Covent Garden. This transaction further enhances our capital structure, providing greater financial flexibility through long term debt at a low cost."

-ENDS-

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Notes to Editors

About Capital & Counties Properties PLC (Capco):

Capital & Counties Properties PLC is one of the largest investment and development property companies that specialises in central London real estate and is a constituent of the FTSE-250 Index. Capco's landmark London estates at Covent Garden and Earls Court were valued at £3.5 billion as at 30 June 2017 (Group share). The company is listed on the London Stock Exchange and the Johannesburg Stock Exchange.

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