Intention to develop new UBS

RNS Number : 2224L

British Land Co PLC

04 May 2010

 



04 May, 2010

British Land and Blackstone Announce Intention to Develop New UBS Building at Broadgate

The British Land Company PLC and the Blackstone Group confirm that Bluebutton Properties has entered into exclusive non-binding heads of terms to construct UBS a new building on the site of 4 and 6 Broadgate, thereby retaining UBS as a key occupier on the Broadgate Estate.

Bluebutton Properties is a 50:50 joint venture company between British Land and Blackstone funds, the parent company of the group which owns the Broadgate Estate

There can be no certainty that a binding deal will be signed: a further announcement will be made in due course.

Enquiries:

British Land

Investor Relations

Sally Jones, British Land                                                        020 7467 2942

Media

Pip Wood, British Land                                                           020 7467 2838

Gordon Simpson, Finsbury Group                                          020 7251 3801

Guy Lamming, Finsbury Group

Blackstone

Natasha Baxter                                                                       020 7451 4026

Notes to Editors

About British Land 

British Land is one of the UK's largest Real Estate Investment Trusts with total assets, owned or under management, valued at £12.7 billion (British Land share £7.9 billion) as at 31 December 2009.  The hallmark of the business is a focus on customers, based on a portfolio in prime locations in the UK and more recently in Western Europe. Active management of these assets, purchases and sales and new development activity, tailor the property holdings to meet the needs of occupiers.  Retail assets account for 67% of the portfolio, 83% of which is located at prime out of town sites. Central London Offices comprise 31% of the portfolio.

About Blackstone

Blackstone is one of the world's leading investment and advisory firms. It seeks to create positive economic impact and long-term value for its investors, the companies it invests in, the companies it advises and the broader global economy. Blackstone does this through the commitment of its extraordinary people and flexible capital. Blackstone's alternative asset management businesses includes the management of private equity funds, real estate funds, funds of hedge funds, credit-oriented funds, collateralized loan obligation vehicles (CLOs) and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganisation advisory and fund placement services.

About Bluebutton Properties Ltd

Bluebutton Propertes was established in 2009, and is a 50:50 joint venture between British Land and Blackstone funds.  Bluebutton Properties is the parent company which owns the Broadgate Estate, one of the premier City of London office estates, consisting of 16 buildings covering 4.4 million sq ft of Grade A office, retail and leisure space.

 

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