TFL Portfolio - page 8-9

P6
Earls Court – retaining
and investing in our assets
In March 2014, we formed Earls Court Partnership
Limited, a joint venture with Capital & Counties
Properties PLC (Capco). This was a first for us
and highlights our commitment to working with
leading developers to maximise long-term value
from our assets.
The partnership merges our freehold and Capco’s
leasehold interests in the Earls Court exhibition
centres. Together we are also acquiring adjoining
land to form Earls Court Village, a 26.5-acre
development site with the potential to deliver
more than 1,800 homes. Our 37 per cent
shareholding in the partnership means we
can take an active role with Capco in driving the
development forward over the 10 years of this first
phase of the larger 77-acre Earls Court masterplan.
In the case of Earls Court, and in line with our
preferred approach elsewhere, we are taking
a long-term view, sharing risk and reward
alongside Capco. We have also been willing
to invest capital, as well as our land, to fund
the initial infrastructure phase of the project.
P7
Working closely and
effectively with TfL’s
property and operational
teams, we are delivering an
exceptional development to
transform this part of London.
Gary Yardley, Investment Director, Capco
1,2-3,4-5,6-7 10-11,12-13,14-15,16-17,18-19,20-21,22-23,24
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