LBHF`s interests in the ECOA include the West Kensington and Gibbs Green lands (the «Estates»). ClSA is offering Capco the opportunity to acquire approximately 22 hectares of land in the ECOA for a total of $105 million, plus the replenishment of the 760 homes currently on the stands. All eligible real estate residents receive a new home from the LBHF plus compensation as part of the renovation. The CLSA complies with the draft concepts previously published by the LBHF. While the purchase of the Farm Lane and Gibbs Green school sites is unconditional, the sale of the stands is subject to the approval of the Secretary of State for the Department of Municipalities and Local Government. In lieu of the agreement signed in March 2012 between Capco and LBHF, the CLSA provides that Capco will purchase all private dwelling units on the land if LBHF is required to acquire these properties if an owner presents a valid right pursuant to certain provisions of the Town and Country Planning Act of 1990 relating to the legal review. Such purchases are capped at $55 million, which includes some other costs of up to $10 million. 1.3. the acquisition of 11 Farm Lane and the former Gibbs Green School by the General Fund for a total of 15 million pounds and under the general land acquisition powers under Section 120 of the Local Government Act 1972, Capital – PROPERTIES PROPERTIES PLC, is one of the largest publicly traded real estate companies in central London and is part of the FTSE-250 index. Capital – PROPERTIES PROPERTIES PLC owns 3.0 million square metres of Anais valued at $1.6 billion (as of June 30, 2012) in three of London`s flagship estates: Covent Garden, which has $856 million in assets, including the historic market building; Earls Court – Olympia Group and 50% of the Empress State Building at Earls Court for a total of $620 million; And the Great Capital Partnership, a joint venture with Great Portland Estates, which owns first-class west end properties of which Capco owns $159 million. The company is listed on the London Stock Exchange and the JSE in Johannesburg. The Earls Court site covers more than 25 hectares of land that officially houses the Earls Court Exhibition Centres.
Located in the Hammersmith and Fulham and Kensington-Chelsea areas, it covers London`s Area 1. The land has an existing detailed planning authority, which was provided a few years ago as part of Earls Court`s more comprehensive master plan. Nevertheless, Delancey and TfL intend to formulate a brand new vision in line with London`s plan for the site, including the provision of more affordable housing than existing permits, in close collaboration with all stakeholders and local stakeholders, in order to realize its enormous potential on a basis that works for all. The remaining $75 million will be paid in five equal annual instalments of $15 million each, as soon as Capco exercises its option to acquire the country. This option can be exercised up to (a) 5 years from entry into the CLSA and b) nine months after the completion of affordable housing on Seagrave Road. If the option is not exercised until December 2015, annual payments will be increased in accordance with the RPI. The land can be occupied in stages until 2035, but no phase can be transferred unless Capco has first made available to the occupants of the relevant phase of replacement training. When the CLSA ends or expires before the entire country is signed, there are provisions for the proportional repayment of the $75 million cash payment in the event of certain events at the time of termination.
Conditional agreement to sell land to West Kensington and Gibbs Green Estates (pdf 9MB) CLSA describes the process under which LBHF lands are included in Sir Terry Farrell`s master plan.