Department Stores
British Land Co PLC
30 March 2005
30 March 2005
FOUR MORE DEBENHAMS DEPARTMENT STORES
FOR BRITISH LAND FROM ALLDERS
Other Allders Initiatives
Debenhams Retail Plc has taken lease assignments of the former Allders
department stores totalling 421,750 sq ft at British Land's Queensmere Shopping
Centre, Slough, at The Peacocks Centre, Woking and at The Eastgate Centre,
Basildon. The introduction of one of the UK's leading department store operators
will enhance the retail offer at these Centres.
British Land has also purchased the freehold of the former Allders store in
Clapham. The store totals 139,000 sq ft and is located in the heart of Clapham's
main shopping area with frontage to Lavender Hill and St Johns Road.
Simultaneously Debenhams has entered into a 30 year lease at an initial rent of
£1.25 m pa on which Tim Roberts, Joint Head of Asset Management at British Land,
comments: "In backing Debenhams' purchase of Clapham we have managed to secure a
well located London department store with the benefit of guaranteed uplifts
throughout a long lease, plus the potential for additional rental growth at
review. We are also very pleased to welcome such a strong anchor retailer as
Debenhams to three of our shopping centres."
Rob Templeman at Debenhams comments: "We are delighted to work again with
British Land on expanding our store portfolio".
Note to Editors: The release refers to "Four MoreDebenhams Department Stores"
because as announced on 14 February 2005, British Land has acquired 23 freehold
and long leasehold Debenhams department stores for some £495m. Totalling 3.28m
sq ft, the stores are located in prime locations throughout England including
London (Oxford Street), Manchester, Cardiff and Chester.
Other Allders initiatives agreed by British Land
Allders formerly occupied 32,000 sq ft at St James's Retail Park, Northampton
and this lease has been assigned to BHS. Allders also formerly occupied 106,000
sq ft at Carr Lane, Hull and this lease has been assigned to Primark. British
Land has taken advantage of a pre-emption clause in the Allders lease at
Meadowhall Shopping Centre and bought back the lease from the Administrator, as
demand from retailers for this accommodation is strong.
Contacts
The British Land Company PLC:
John Weston Smith Tel: 020 7467 2899
Fax: 020 7467 2992
Email: john.westonsmith@britishland.com
Finsbury:
Gordon Simpson Tel: 020 7251 3801
Fax: 020 7251 4112
Email: gordon.simpson@finsbury.com
This information is provided by RNS
The company news service from the London Stock Exchange
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