Press Release

THE CROWN ESTATE AND CRITERION CAPITAL REACH AGREEMENT ON THE CRITERION BUILDING

11 June 2009

The Crown Estate and Criterion Capital announced today that they have reached agreement in relation to the future retail use of The Criterion Building’s former Virgin Megastore at the corner of Haymarket and Piccadilly Circus.

Both parties will work together to deliver a long term strategy for Piccadilly that fits with The Crown Estate’s long-term vision for the area. This will include the Criterion Building specifically but also the wider Piccadilly area, including Criterion Capital’s other assets that link Leicester Square and Piccadilly Circus.

The aim for both parties is to achieve an enhanced retail, leisure and business environment, appropriate to this renowned landmark and the surrounding area. The agreement will build on the strengths of Piccadilly and Leicester Square and long-term, enhance its position as an international tourism destination.

Under the agreement Criterion Capital has seized the opportunity to open a new concept store of its own, Cool Britannia, at the Criterion Building. Cool Britannia will sell iconic British products to the London tourist market. In the run up to the Olympics more and more tourists will be visiting London in search of the British experience. Criterion Capital will play its part in bringing jobs and trade to Piccadilly and giving the destination’s 94,000 visiting tourists a day a real taste of all things great about Britain.

Asif Aziz, at Criterion Capital said: “We’re delighted to have reached an agreement with The Crown Estate and are excited about taking this forward in the run up to 2012. Cool Britannia will be a young, exciting and vibrant brand delivering everything that is best about Britain from our history and culture through to technology, sports, fashion, music, food and toys.”

James Cooksey, at The Crown Estate said: “It makes sense to work together at Piccadilly Circus to deliver our joint goals. A partnership approach will help The Crown Estate achieve its aims for its Piccadilly and St James’s holdings and will help Criterion Capital make a success of its Trocadero and Leicester Square holdings.”