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18 June 2003

Marks & Spencer in Sale & Leaseback at Gracechurch Street

Marks & Spencer today announces the sale of office and retail premises comprising 168 Fenchurch Street and 77 Gracechurch Street, EC3 to Gracechurch Property Limited, an XL Capital Ltd company.

Marks & Spencer will receive cash consideration of £114.7m from the sale of the property, which had a book value of £93m at 31 March 2003.

Marks & Spencer has taken a leaseback of the retail premises, which houses its Fenchurch Street store.

The site which was purchased from Barclays Bank in 1997 was formerly the Headquarter buildings for Barclays, and was successfully developed by Marks & Spencer to provide a major City store together with 124,000 sq ft. of prime office accommodation.

Chris Williams, Property Director at Marks & Spencer said: "The sale of the scheme, including the offices, to Gracechurch Property Limited, allows us to recognise the value of the underlying asset, while the leaseback enables us to retain our retail store, to service our city customers.

-Ends-

Note to Editors:

  1. XL Capital Ltd, through its operating subsidiaries, is a leading provider of insurance and reinsurance coverages and financial products to industrial, commercial and professional service firms, insurance companies, and other enterprises on a worldwide basis. As of March 31, 2003, XL Capital Ltd had consolidated assets of approximately $37.5 billion and consolidated shareholders' equity of approximately $6.8 billion. More information about XL Capital Ltd is available at www.xlcapital.com.

For further information, please contact:
Bella Pagdin Corporate Press Office 020 7268 1919

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