12 March 2001
12 March 2001
MINERVA SECURES NEW TENANT FOR SAMPSON HOUSE
In a deal which represents one of Central London's largest single open market
letting in over a decade, Minerva plc announced today that it has completed
the reconstruction of the occupational lease at Sampson House, the 400,000 sq.
ft. office and computer centre, which is located adjacent to the Tate Modern
on London's South Bank.
Under the terms of the deal the existing lease to Lloyds TSB plc, which
produces a net income of £4.1 million per annum has been surrendered. A new
25 year lease has been granted to Sema Global Recovery Services Ltd,
guaranteed by Sema plc, at an initial rent of £7.25 million, rising to £8
million in December 2003, £9.5 million in December 2005 and thereafter subject
to regular guaranteed increases in rent throughout the duration of the new
lease, rising to an annual rent of £16 million by the 20th year. The lease
contains a mutual break option in June 2018.
Sampson House forms part of a major land holding for Minerva, which also
includes Ludgate House, which is located on the opposite side of the railway
tracks serving Blackfriars station. Railtrack are proposing major
improvements to Blackfriars station, which will extend to the South Bank and
will significantly enhance Minerva's investment.
Both parties recognise the potential for future redevelopment and have agreed
to work together in assessing and progressing the possibilities that may
emerge, not only for Minerva but also its new tenant.
Andrew Rosenfeld, Chief Executive of Minerva plc commented:
'This deal is a logical step forward in our overall aspiration to enhance the
cashflow from this asset whilst also recognising the future development
prospects for this area of London.'
Andrew Rosenfeld, Chief Executive Tel: 020 7535 1000
Sam Vallings Tel: 020 7630 1411
The Communication Group plc