Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

British Land Co PLC (BLND)

  Print      Mail a friend

Monday 02 August, 2010

British Land Co PLC

Agreement for Leases signed w

RNS Number : 3175Q
British Land Co PLC
02 August 2010

 2 August 2010


British Land and Blackstone Sign Agreement for Leases with UBS to Develop New 700,000 sq ft Building at 4 and 6 Broadgate



The British Land Company PLC ("British Land") and Blackstone Group ("Blackstone") announce that Bluebutton Properties ("Bluebutton"), their joint venture company, has signed an agreement for leases with UBS AG ("UBS") to develop a new 700,000 sq ft building on the Broadgate Estate ("Broadgate").


The new building represents a significant commitment by UBS to the City and Broadgate in particular. The development marks another important stage in the ongoing investment programme at Broadgate, which will ensure that it remains the premier City of London office estate, providing modern world-class accommodation for its office, retail and leisure occupiers.


Transaction Highlights


·    A new 700,000 sq ft trading building, bespoke to UBS requirements, to be developed on the existing site of 4 and 6 Broadgate

·    An initial headline rent of £54.50 per sq ft with annual RPI linked increases with a weighted average lease length of 18.2 years

·    Deferral of breaks in existing UBS lease agreements on other Broadgate buildings 

·    Income security improved: increases average lease length at Broadgate by up to 2.4 years

·    Development costs of around £340 million (excluding land and interest costs)

·    Practical completion to shell and core scheduled for the second half of 2014

·    Transaction subject to planning approval



Chris Grigg, Chief Executive of British Land, comments: "We are delighted at this significant commitment by UBS to the City and Broadgate in particular. The transaction demonstrates the enduring appeal of this important City of London office estate.  At the same time, the new building will enhance the overall quality of Broadgate while generating an attractive development return."


Chad Pike, Senior Managing Director of Blackstone, comments, "Blackstone and British Land have both had long-standing and deep relationships with UBS. We are very excited to find yet another opportunity to work together. We are also excited to have the chance to make a substantial investment in a project that will rejuvenate Broadgate and retain 5,000 employees in the City of London by ensuring a high quality work environment."







British Land and Blackstone Group, through Bluebutton, have signed an agreement for leases with UBS to develop a new 700,000 sq ft building on the site of 4 and 6 Broadgate. UBS is currently the largest tenant in Broadgate and this agreement affirms their commitment to the Estate and the City of London.   The new building is designed for trading and general offices:  the four trading floors each are to have an area around one and a half acres and will be supported by plant with a resilience of 2N.


Broadgate is the premier office campus in the City, providing around 4.4 million sq ft of office, retail and leisure space. The re-development of 4 and 6 Broadgate is part of an ongoing investment programme in the Estate aimed at providing modern, world-class accommodation for occupiers. The agreement with UBS further improves the quality of the lease profile and income flow from the Estate.


The transaction is subject to obtaining approval of a planning application for the re-development of 4 and 6 Broadgate which the joint venture expects to submit later in the year. Vacant possession of the buildings has been secured UBS having surrendered its leases of 6 Broadgate to facilitate the development. British Land will be appointed by the Joint Venture to manage the development and will receive fees for this work.


On receipt of planning, construction work is expected to start in mid-2011 with practical completion to shell and core achieved during the second half of 2014.  Further details on the building will be provided once the planning application has been submitted.


Lease Terms


The new building, 5 Broadgate, will be fully let to UBS at an initial headline rent of £54.50 per sq ft subject to annual increases in line with RPI, within a range of 0% - 4% per annum, and with an 18-month rent free period.  The building is on a 20 year lease with 156,000 sq ft of the upper floors subject to break clauses at 10 and 15 years giving a weighted average lease term of 18.2 years to first break.  The current average lease length to first break on the Broadgate Estate is 8.1 years: the transaction increases the average lease length by up to 2.4 years.


UBS is currently the largest tenant in Broadgate occupying wholly or in part 5 buildings on the estate covering just over 1 million sq ft of office space.  The existing leases, which have tenant break options between September 2013 and 2017, generate annual passing rent of £45 million.


UBS has agreed to defer  lease break options on 755,000 sq ft of space they currently occupy (comprising 1-2 Finsbury Avenue, 8-10 Broadgate and 100 Liverpool Street) by an average guaranteed period of 24 months until UBS occupy 5 Broadgate, anticipated to be in Q1 2016 at the earliest. The break deferrals will generate additional contracted income to the joint venture of £68 million over the 24 month period if planning permission for the new building is obtained. If planning consent is not obtained, the rental income from break deferrals will be no less than £32 million.


Development Costs


The total development cost of the new building is expected to be £340 million excluding land and interest costs. The value of the two existing buildings at 30 June 2010 was £110 million.





Financing and Securitisation


14 of the 16 buildings which the joint venture own on the Broadgate Estate are financed by £1.9 billion of securitised bonds. 201 Bishopsgate and the Broadgate Tower, which were completed in 2008, are outside the securitisation. To facilitate the development of the new UBS building, 4 and 6 Broadgate have been removed from the securitisation and substituted by 201 Bishopsgate and The Broadgate Tower.  At the same time, £226 million of cash collateral has been released from the securitisation and used to re-pay and cancel a £243 million loan facility (£209 million drawn) provided by British Land to the joint venture.


British Land has chosen to provide out of the proceeds from this loan repayment a new development loan facility of up to £320 million to the joint venture secured against the new building, 5 Broadgate. The loan, which is assignable and on commercial terms, includes an interest cost of 3% pa above LIBOR and market based fees.



British Land

Investor Relations
Sally Jones, British Land                               020 7467 2942

Pip Wood, British Land                                 020 7467 2838
Gordon Simpson, Finsbury Group                  020 7251 3801

Guy Lamming, Finsbury Group


Natasha Baxter                                             020 7451 4026



Notes to Editors


About Broadgate

Broadgate is the largest office estate in the City of London. Started in 1985 it has become a dynamic, thriving business community where over 30,000 people work each day. Today Broadgate is home to some of the largest major financial services firms in the world as well as some of the UKs best known retail and leisure brands.


The Estate has been developed in phases over the last 25 years. In 2008, the completion of two new buildings, 201 Bishopsgate and the Broadgate Tower, added a further 822,000 of prime office space. Today the estate comprises 16 buildings providing 4.4 million sq ft of office, retail and leisure space. The current average lease length to first break is 8.1 years and the Estate generates annual contracted rent of £184 million. As at 30 June 2010, Broadgate's occupancy rate was 96%.



Space (sq ft)

Annual Passing Rent

Between 1 and 3 years



Between 3 and 5 years



Over 5 years



Excludes development space



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 £13.5 billion (British Land share £8.5 billion) as at 31 March 2010. 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 66% of the portfolio, 85% of which is located at prime out-of-town sites. Central London Offices comprise 32% 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, collateralised 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 November 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.

This information is provided by RNS
The company news service from the London Stock Exchange

a d v e r t i s e m e n t