CONSTRUCTION STARTS ON NEW RETAIL MALL AT CANARY WHARF

Canary Wharf Group plc announced today that construction has commenced on a new 85,000 sq ft retail mall, Jubilee Place, which will be open for business in mid 2003.

Jubilee Place will be located on the south side of the development in the Canary Wharf South district. Arranged on one level, it will be located beneath Jubilee Park, and will link directly to the five office buildings above and to the Jubilee Line Station.

Jubilee Place will accommodate up to 35 retail units and will focus on providing high-market fashion outlets. The new mall, designed by the Building Design Partnership in conjunction with Canary Wharf Group, will bring the total amount of retail on the estate to 500,000 sq ft. It will comprise a retail mall, which will incorporate a high quality food hall at its centre.

Camille Waxer, Vice President Retail, Canary Wharf Group plc said:

"Jubilee Place will be an important addition to the retail offer at Canary Wharf. It will complement the existing retail and cater for the increasing demand that exists at Canary Wharf, both from the office population and the increasingly important extended local population.

"Our retail catchment area has increased dramatically as the number of people who live within one hour of Canary Wharf has increased from 855,000 to over 3 million during the last twelve months. This is due to the improved transport connections provided by the Jubilee Line, the extension to the Docklands Light Railway and the Heathrow Express. The development of Jubilee Place will mean that Canary Wharf has become a shopping destination as well as a world-renowned business centre."

Markham Vaughan Gillingham and Lunson Mitchenall acted as joint agents on behalf of Canary Wharf Group plc.

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Notes to editors:

1. Canary Wharf currently has over 140 shops, bars and restaurants. The estate has two principal shopping malls - Cabot Place and Canada Place. Canada Place opened in March 2000 and contains 27 units, the majority of which focus on mid-market fashion. Cabot place opened in 1990 and contains 54 units.
   
   
2. In September Canary Wharf Group announced that Waitrose Food & Home would open a store at Canary Wharf in a new building under construction at the eastern side of Canada Square. When complete in 2002, the building will house a premier health club of approximately 90,000 sq ft and two roof top restaurants totalling approximately 10,000 sq ft. Waitrose Food & Home will open in autumn 2002.
   
   
3. There are currently 35,000 people working at Canary Wharf and this is due to rise to 50,000 in two years and to 90,000 when the development is complete within five years.