The euro 77-million ($72-million) payment is in line with thegroup's June 2005 valuation. At the same time, Capital ShoppingCentres has signed a Co-operation Agreement with the City ofNewcastle, owner of the remaining 40%, which facilitates extendingthe term of CSC's leasehold interest from 70 years to 250 years.CSC manages the center.

CSC has planning consent for a euro 249-million ($303-million)development project for the remodelling and extension of EldonSquare, providing some 480,000 sf of new retail space including anew department store, large format retail units, a new bus stationand improved pedestrian access.

Enabling work has been under way for some months andconstruction of the project referred to as ES West is now on site,providing seven large retail units on the busy Blackettbridge malland two new restaurants at ground level, overlooking Old EldonSquare.

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