Burford Holdings plc - Retail - London W1, Trocadero

Date: 03 Feb 2000

Burford Holdings plc ("Burford") today announces that it has reached agreement with Chorion plc ("Chorion") to take back two Chorion leases at the London Trocadero, Piccadilly Circus, for a cash payment of £8.1m. The two leases, terminable In September 2007, cover the IMAX space and London Trocadero sponsorship revenue and generate annual rental income of £1.5m.

The deal enables Burford to secure control over the future direction of the London Trocadero. It will allow the company to create 35,000 sq ft of space suitable for a substantial high profile leisure or retail anchor tenant as part of Burford's long term plans to make the London Trocadero one of the capital's leading destination centres.

As part of the agreement Chorion's £9.9m rental deposit on the former Segaworld space, which Chorion has now sub let to Family Leisure, has been released. In addition further rental deposits amounting to approximately £3m have also been released.

Burford now has total control over all advertising and sponsorship at the London Trocadero which will ensure a more co-ordinated approach to this potential revenue source.

Burford is also pleased to announce that it has agreed terms with Chorion to lease a majority of the London Pavilion, which now forms part of the London Trocadero complex, at a rent of £850,000 a year, payable from the end of December 1999. Chorion will open its new concept later this year.

Simultaneously Burford is to pay £12.1m of the remaining deferred consideration owing under the original purchase of the London Trocadero in July 1998.

John Anderson, Burford's Chief Executive, commented: "We are pleased to have concluded this deal with Chorion as it allows us not only to take total control over both the long term tenant mix of the London Trocadero but also its branding and image."

"As a result of this deal we are now in a position to move forward our plans to make the London Trocadero one of the capital's premier lifestyle destination centres. We believe the overall impact of this transaction is to underpin the centre's current capital value and lay the foundations for future growth."

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