Development Securities PLC announces start on site at prime office scheme in Hammersmith Grove

24 Jan 2012

Wates appointed as contractor - practical completion due in early 2013

Development Securities PLC today announces the appointment of Wates as contractor at its 275,000 sq ft prime office development in Hammersmith Grove, West London. Work on site will commence immediately on the first phase of the development comprising 110,000 sq ft of prime office space as well as 6,000 sq ft of cafes, restaurants and public space, due for practical completion in early 2013.

The first phase of the town centre development was forward funded by Scottish Widows Investment Property Partnership Trust (SWIPPT) for £50 million in October 2011.

Julian Barwick, Director, Development Securities said: "Our scheme at Hammersmith Grove is set to deliver some of the best new office space in West London into a tightly supplied market. The scheme will play an important part in the regeneration of Hammersmith's town centre, attracting first-class occupiers to this prime location. Wates are an experienced and quality contractor and we look forward to working with them to deliver this scheme."

Andy Willats, Director for Wates Construction said: "We are delighted to have been awarded the project at Hammersmith Grove.Not only will we be delivering a first class project, but we will be playing a major part in the overall regeneration of Hammersmith.We look forward to developing our relationship with Development Securities and further strengthening our Commercial portfolio in London."

For further information, please contact:

Lucy Grimble, Development Securities PLC
020 7828 4777

Lucy O'Connor, Wates
lucy.o'connor@wates.co.uk
07901515304

Notes to Editor

About Development Securities PLC

Development Securities PLC is an experienced, FTSE-listed, UK property investor and developer. It applies a creative and expert approach to complex and major developments, strategic investment and asset management in order to create maximum value for its shareholders. The Company follows a consistent risk-averse strategy built on low levels of gearing and financial risk sharing. Its major schemes under development are forward-funded by leading institutional partners.

Since July 2009, Development Securities has completed two capital raises, generating £200 million of new equity. The proceeds of this raised equity have been largely invested in selected secondary assets with the potential for development into prime or near-prime, with more than 40 deals completed in the period.

About Wates

Wates is one of the UK's largest family-owned construction and development companies. Established in 1897, it remains privately owned by the Wates services Family.

Wates employs over 2000 people and had a turnover of £985 million in 2010. In 2011 Wates received one of The Queen's Awards for Enterprise in Sustainable Development.

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