Brixton plc - General Development - Park Royal, London, Brixton part pays for Origin site

Date: 21 Dec 2006

Further to the release of the 21st August announcing exchange of contracts, Brixton plc has now paid Diageo Great Britain Limited a stage payment, in addition to the original 10% deposit, together comprising £30m for the 24 acre former Guinness Brewery site in Park Royal, London (now known as Origin).

This payment reflects physical progress made on site by the vendor and completion of the deal will occur once the vendor fulfils certain contractual obligations including overall demolition, planning and service diversions relating to a new link road and other site servicing requirements.

On this basis, completion is now expected early in the New Year and a further payment will then be made to reflect the total consideration of £47.125m adjusted downwards to reflect the interest cost to Brixton on the £30m payment.

Tim Wheeler, Brixton's Chief Executive, commented:

"We are very pleased that Diageo have progressed with all haste in these matters and pending completion early in 2007 and advancement of our planning discussions we would hope to be on site with this 0.5 m sq ft plus scheme by the Summer."

Brixton's letting agents are CB Richard Ellis, Colliers CRE and Mills & Wood.

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