The following statement was issued today by the St David’s Partnership, a partnership between Capital Shopping Centres PLC, a wholly owned subsidiary of Liberty International PLC, and Land Securities Group PLC.

ASSEMBLY BACKS CARDIFF CITY CENTRE PROPOSALS

The National Assembly for Wales has given the green light to proposals by the St David’s Partnership for the St David’s 2 development in Cardiff city centre.

The retail-led, mixed use city centre regeneration scheme was granted a positive planning resolution by Cardiff County Council on 11th June and the Assembly support paves the way for an estimated £315m inward investment and the creation of 1000 construction jobs as well as 2000 permanent new jobs upon completion.

The St David’s Partnership was delighted by the Assembly’s support for Cardiff County Council’s decision, as Richard Cable of the Partnership explains;

‘Our proposals reflect national planning policies and have met with widespread approval during the consultation we have undertaken with Cardiff Council, members of the public and other stakeholders during the design development. The vote of confidence from the National Assembly for Wales is a major boost for the project.’

The St David’s 2 proposals include a major new flagship department store, new shops, cafes and restaurants, leisure space and offices as well as new residential accommodation set around attractive new streets, arcades and squares which will breathe life and vibrancy into what is a currently under-utilised part of the city.

Peter Cleary, also from the St David’s Partnership, added;

‘It is pleasing that the National Assembly shares our vision for St David’s 2 which is all about delivering a high quality regeneration scheme that will benefit all who live and work in the area, as well as raising the profile of Cardiff on the UK and European stage.

‘The decision maintains the momentum achieved by the project which has already attracted interest from major Department Store operators. We will now move on to the detailed design phases of the project which means that the construction phase is likely to commence on target in 2005 with completion and opening in 2008’

Press Enquiries
Capital Shopping Centres
John Abel, Managing Director +44 (0)20 7887 7057

Public Relations UK:
Lesley Allan
Hudson Sandler +44 (0)20 7796 4133

Public Relations SA:
Matthew Gregorowski (UK)
College Hill Associates +44 (0)20 7457 2020

Nicholas Williams (SA)
College Hill Associates +27 (0)11 447 3030


NOTES TO EDITORS

The project

St David’s 2 is a joint development between Land Securities and Capital Shopping Centres. Together, as St David’s Partnership, they are to spearhead this landmark £315 million, 750,000 sq ft (69,700 sq m), retail-led mixed-use scheme in the heart of Cardiff. It will transform an under-utilised area of the city, drawing together the offer into a coherent whole.

Building on existing assets within Cardiff including St David’s Shopping Centre and much of The Hayes, the two companies are working together with Cardiff County Council to develop one of the most important schemes in the UK today raising Cardiff’s profile in the retail hierarchy listings.

Development details

• £315 million investment in Cardiff city centre
• 750,000 sq ft (69,700 sq m) retail-led, mixed-use development to include;
• A major new department store of circa 260,000 sq ft (24,154 sq m)
• A number of medium-sized stores
• A number of smaller shops
• Leisure and hospitality, office space, residential accommodation, public amenities and a number of new public spaces.
• The project will create in the region of:
  - 1,000 construction jobs
  - circa 2,000 permanent new jobs upon completion
• Attract more than £250 million of new spending to Cardiff city centre per annum
• Establish Cardiff as one of the top retail destinations in Europe.
• Architects to the St David’s Partnership are Eric Kuhne Architects and Reid Architecture
• Letting agents are E J Hales, Lunson Mitchenall and Cushman Wakefield Healey & Baker.

Land Securities

Land Securities Group PLC is a FTSE 100 company and the UK’s leading integrated provider of commercial property and property related services. It committed to the creation of long-term and sustainable returns for shareholders. It achieves this by creatively managing an £7.8 billion investment portfolio as well as implementing a £2.2 billion development programme and providing total property services to occupiers in the public and private sectors.

Over the past two years the company has refocused its investment portfolio on four areas of the UK property markets; Central London offices and shops, shopping centres, retail warehouses and industrial properties in the south-east.

The Group has expanded its development programme and is involved in some of the largest urban regeneration schemes in the UK. In Canterbury Land Securities is currently redeveloping the city centre to create 400,000 sq ft (37,160 sq m) of high quality retail space. It is also one of the partners in the Birmingham Alliance, which is carrying out Europe’s biggest city centre regeneration project in Birmingham.

It has also added a new dimension to its offer, total property services, through Land Securities Trillium which works in partnership with some of the leading UK service providers. LS Trillium’s clients are the DWP, BBC and BT. The company continues to bring new people and skills into the organisation and is seeking to become the employer of choice in the property sector.

Land Securities’ strategies are to:

• diversify the business to increase profits from non-traditional sources
• extract above average returns from its properties within its existing investment portfolio
• develop new buildings or regenerate older ones so as to maintain a modern investment portfolio
• develop a range of alternative solutions to meet businesses property needs

The Group also benefits from scale and a secure balance sheet that, it believes, provide competitive advantage.

Capital Shopping Centres

Capital Shopping Centres PLC is the leading company in the United Kingdom specialising in the ownership, management and development of regional shopping centres. CSC is part of Liberty International PLC, one of the UK’s largest listed property businesses with current investments of £4.54 billion.

The company has a portfolio of nine high quality shopping centres, totalling over 8 million square feet with some 1,417 shops and stores. Six of the centres are in prime town centre locations and each proved a catalyst for the regeneration of the retail heart of the town. CSC’s expertise is in working in close co-operation with everyone involved - the local authority, the retailers and the community as a whole - to provide the right solution for each location.

For over 30 years, CSC has worked in partnership with local authorities and funding partners. It is a fundamental part of the Company’s philosophy that it directly manages its centres. In-house managers, both at property and centre management level, ensure that the company is fully aware of the changing needs of retailers and their customers. The company is conscious of its responsibilities to the environment; green transport policies and environmentally friendly management systems are a key part of centre operation. Extension, refurbishment and remodelling keep the shopping centres fresh and up-to-date and ensures they stay at the forefront of the industry.

A 371,000 sq.ft. redevelopment and extension at MetroCentre is underway and will provide a new department store for Debenhams and 28 new shops, as well as major public transport and infrastructure improvements. In Norwich, CSC is working with Lend Lease on the 510,000 sq ft Chapelfield Shopping Centre scheme due for completion in 2005.

The centres in the CSC portfolio (with development dates) are Victoria Centre, Nottingham (1972), Eldon Square, Newcastle upon Tyne (1976), The Potteries, Hanley, Stoke-on-Trent (1988), Lakeside Thurrock (1990), The Glades, Bromley (1991), The Harlequin, Watford (1992), MetroCentre Gateshead (purchased 1995), Braehead Glasgow (1999), The Chimes, Uxbridge (2001). In all, some 180 million shoppers visit the centres each year.