Memorandum of Understanding in relation to CGP's China Gateway site, Manston, Kent
Commercial group properties Plc, the AIM-listed property company, announces that it has entered into a Memorandum of Understanding ("MOU") with Zhejiang Province, acting through Chairman Bao of the Taizhou Foreign Merchant Information Federation with a view in due course to leasing 2,500,000 sq. ft. at CGP's China Gateway site at Manston, Kent.
Under the MOU, CGP will arrange for outline planning permission for the building of the additional 2,500,000 sq. ft. of business accommodation on what is currently agricultural land at the site. Following the receipt of outline planning consent, Zhejiang Province Enterprises will sign an agreement to lease covering 2,500,000 sq. ft., such lease to run for 10 years from the date of first occupation.
This follows the Company's announcement on 17 May 2007 that it had agreed to lease between 900,000 sq. ft. and 1,100,000 sq. ft. to the Beijing Association of SME at the same site.
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For further information, please contact:
Commercial group properties Plc +44 (0) 1843 860866
Ken Wills
Beaumont Cornish Limited +44 (0) 20 7628 3396
Roland Cornish
Holborn Public Relations Limited +44 (0) 20 7929 5599
David Bick/Mark Longson
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