UAI.L Regulatory News (UAI)

5 Mar 2007 07:04

Development Securities PLC05 March 2007 Development Securities PLC exchanges contracts with Lime Property Fund to acquire and develop West Quay 3 Southampton Development Securities PLC announces today that it has exchanged contracts withLime Property Fund Limited Partnership (Lime) to fund the site acquisition anddevelopment of the new 150,000 sq ft office headquarters for Carnival Plc atWest Quay 3 Southampton. Upon completion, the letting to Carnival Plc will befor a term of 20 years. Lime is managed by Morley and specialises in prime long term investments. Theproperty will be held by Lime on a virtual freehold basis from Southampton CityCouncil. This transaction is believed to be one of the largest pre-lettings in the SouthEast and has been funded in advance of a construction start. Practical completion of the development, to be undertaken in partnership betweenDevelopment Securities and Lime, is estimated in the final quarter of 2008. GVA Grimley and Macfarlanes advised Development Securities PLC. Enquiries: Paul Willis, Development Securities PLC 020 7828 4777Mallika Basu, The Communication Group plc 020 7630 1411 This information is provided by RNS The company news service from the London Stock Exchange