Town Centre Regulatory News (TOWN)

14 Jan 2008 07:00

Hammerson PLC14 January 2008 For immediate release 14 January 2008 ------------------------------------- Marks & Spencer agrees to anchor Eastgate Quarters retail scheme, Leeds----------------------------------------------------------------------- Hammerson plc and Town Centre Securities plc have agreed terms with Marks &Spencer to anchor their proposed 140,000 m(2) Eastgate scheme in Leeds. At 18,250 m(2) including 14,000 m(2) of trading space, the new Marks & Spencerstore will offer a full range of fashion, homeware, food and hospitality. Hammerson and Leeds-based Town Centre Securities gained planning permission forthe scheme, located in the Eastgate and Harewood Quarters of the city, inFebruary last year. The scheme, to be developed in a 90:10 joint venture, willinclude 110,000 m(2) of retail and also be anchored by a 26,000 m(2) John Lewisstore. It will include over 100 retail units, restaurants and bars, a hotel,office accommodation, up to 600 new homes and 2,700 associated car parkingspaces. It is anticipated that construction of Eastgate Quarters will begin in 2009,with completion in 2012. The total cost of the development is estimated at £800million, of which Hammerson's 90% share would amount to £720 million. John Richards, Chief Executive of Hammerson, said: "I am delighted that one of the UK's most successful retailers has committed to our scheme. This is a major step forward in our bid to bring a retail offer of the highest quality to the people of Leeds and the surrounding areas. Securing Marks & Spencer as an anchor tenant is a great coup for the development." Edward Ziff, Chairman and Chief Executive at Town Centre Securities plc said: "Marks & Spencer's decision to open a new store in Leeds gives a real boost to our plans for the city. We have been closely involved in Leeds for many years and are pleased to increase that involvement through the development of this exciting scheme." Iain Perkins, Marks & Spencer Divisional Executive, said: "The Eastgate Quarter will be a fantastic shopping environment. We are delighted to be anchoring the development with a brand-new M&S that will complement our existing Briggate store and strengthen the M&S offer across Leeds." Enquiries:---------John Richards, Chief Executive Tel: 020 7887 1000Christopher Smith, Director of Corporate Affairs Tel: 020 7887 1019 christopher.smith@hammerson.com This information is provided by RNS The company news service from the London Stock Exchange