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Today is the Rant.

LOL, nice 1 Mr Bond

Ya, that 1, do u have an armoured vehicle in your yard.

 

7 April 2017

                    CAPITAL & COUNTIES PROPERTIES PLC (“Capco”)

                      Capco announces sale of Venues for £296 million

Capco today announces that it has exchanged and completed on the sale of Venues, its exhibition
business, comprising Olympia London together with certain related property assets, for a total gross
cash consideration of £296 million (the “Disposal”). Venues has been sold to a consortium of German
institutional investors, which includes Bayerische Versorgungskammer (Germany’s largest manager
of public pension schemes investing through a fund managed by Universal-Investment) as the single
largest shareholder, the Versicherungskammer Bayern Group (Germany’s largest public insurer) and
DFI European Value Add Fund (together the “Consortium”). The Consortium is advised by investment
firm Deutsche Finance International and Yoo Capital, as UK co-investor. Capco has been advised by
Rothschild and CBRE on this transaction.


Highlights

    -   The Disposal is for a total gross consideration of £296 million (before net debt and working
        capital adjustments)
    -   After repayment of debt, working capital adjustments and transaction-related costs, net
        proceeds are approximately £229 million, in line with the net asset value of Venues

    -   The Disposal provides an opportunity for Capco to realise significant cash proceeds which will
        be used initially to repay bank debt and subsequent to this, for deployment in Capco’s core
        central London estates, as well as to take advantage of opportunities as they arise
    -   Following the Disposal, Capco’s pro-forma LTV as at 31 December 2016 decreases from 23
        per cent to 17 per cent