RNS Number : 6310Y
British Land Co PLC
28 January 2014
CHANGE OF AUDITOR
The British Land Company PLC announces that the Board have recommended the appointment of PricewaterhouseCoopers LLP as Auditor for the financial year commencing 1 April 2014. The appointment is subject to shareholder approval at the 2014 Annual General Meeting to be held in July.
Aubrey Adams, Chairman of the Audit Committee, said:
"We thank Deloitte for their contribution as the Company's Auditor and look forward to working with PwC".
Notes to the Editors
· In the 2012 Annual Report the Audit Committee indicated that once there was clarity on auditor appointment guidance from the Financial Reporting Council and European Union it would tender the audit and that this was expected to be within the next 2 years.
· In the 2013 Annual Report the Audit Committee confirmed that it would tender the audit in the coming year for the March 2015 financial year.
· As part of the tender process a number of firms were approached including mid-tier firms as well as the Big Four and from this a short list was selected by the Audit Committee. At this stage the decision was taken that Deloitte should not be invited to tender due to the longevity of their appointment having been the Company's Auditors for over 10 years. The short listed firms then presented to the Audit Committee which resulted in a recommendation to the Board that PwC be selected as the Company Auditors for the year ended 31 March 2015.
· There are no matters in connection with Deloitte's prospective resignation as auditors which, in the view of the Board, need to be brought to the attention of shareholders.
For Information Contact:
Sally Jones, British Land 0207 467 2942
Pip Wood, British Land 020 7467 2838
Gordon Simpson, Finsbury 020 7251 3801
About British Land
British Land is one of Europe's largest Real Estate Investment Trusts (REITs). Through our property and finance expertise we attract experienced partners to create properties and environments which are home to over 1,000 different organisationsand receive over 300 million visits each year. Our property portfolio is focused on the UK, in prime retail locations and London offices which attract high quality occupiers committed to long leases. We have total assets in the UK, owned or managed, of £17.1 billion (British Land share £11.2 billion), as valued at 30 September 2013. Our occupancy rate is 97% and average lease length to first break of 11 years.
UK retail assets account for 59% of our portfolio, around 80% of which are located at prime out of town sites. Comprising around 26 million sq ft of retail space across 67 retail parks, 87 superstores, 16 shopping centres and 12 department stores and 77 leisure assets, the retail portfolio is modern, flexible and adaptable to a wide range of formats. Our active asset management delivers space which is attractive and meets the needs of both retailers and consumers.
London offices, located in the City and West End, comprise 39% of the portfolio, which will rise to an estimated 43% on completion of current committed developments. Our 7 million sq ft of high quality office space includes Regent's Place and Paddington Central in the West End and Broadgate, the premier City office campus (50% share).
Our size and substance demands a responsible approach to business. We believe leadership on issues such as sustainability helps drive our performance and is core to the delivery of our overall objective of driving shareholder value.
Further details can be found on the British Land website at www.britishland.com
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