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The creation of the Great Capital Partnership ("GCP"), a 50:50 joint venture with Capital & Counties, has given the Group exposure to exceptionally located central London assets without paying a premium. Starting with £460 million of assets, during its first 11 months GCP was grown with £89 million of acquisitions in neighbouring interests augmenting existing ownerships. Following these transactions a significant swap deal was executed with The Crown Estate involving 55% of the JV's assets to release immediate value and unlock future potential. These properties will now provide us with a steady pipeline for repositioning.