Heads of Terms Signed to Deve
25 October 2010
British Land Sign Heads of Terms with Oxford Properties to Develop 610,000 sq ft Leadenhall Building, London EC3
The British Land Company PLC ("British Land") announces that it has agreed Heads of Terms with Oxford Properties ("Oxford"), the real estate arm of the OMERS Worldwide Group of Companies ("OMERS"), to develop the Leadenhall Building in the City of London, on a 50:50 joint venture basis.
Designed by Rogers Stirk Harbour and Partners, at 736 ft (224 m), the elegant tapering 47 storey Leadenhall Building is set to become one of the tallest and most iconic buildings in the City of London. Providing 610,000 sq ft of the highest quality office space in the heart of the Square Mile, it will combine spectacular public space, retail and leisure facilities with modern, flexible office space. The four storey landscaped public space at the base of the building, covering nearly half an acre, will be on a scale unprecedented in London.
The efficient and adaptable floor plates, which range from 21,000 sq ft at the base of the building to 6,000 sq ft at the top of the tower, are already generating interest from a broad range of occupiers from across the insurance, financial, professional and corporate business sectors.
Detailed planning consent is in place and demolition and preliminary basement works have already been completed. The total development cost is expected to be around £340 million. On site construction will start immediately following the construction tender process which will commence in January 2011. Practical completion to shell and core is expected in Q2 2014.
The final agreement is subject to contract which is expected to be signed by the end of the year.
Chris Grigg, Chief Executive of British Land, said: "We are delighted to be announcing the development of the Leadenhall Building. With its unique and iconic architecture, it is a building which will provide an unbeatable combination of style, presence, location and office floor space in the heart of the City of London. Our partnership with Oxford Properties, brings together two world-class property companies with proven development and asset management expertise."
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
Notes to Editors
Further details and images of the Leadenhall Building can be found in the media centre and property portfolio section on the British Land website at www.britishland.com
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 £13.7 billion (British Land share £8.7 billion), as at 30 June 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.
The portfolio, focused on the out-of-town retail and London office sectors, has among the highest occupancy rates and lease lengths of the major UK REITs at 98% and 13 years respectively. Retail assets account for 65% of the portfolio, around 85% of which is located at prime out-of-town sites. Central London offices comprise 32% of the portfolio. New office and retail developments complement these holdings.
About Oxford Properties
Celebrating its 50th anniversary in 2010, Oxford Properties Group is one of North America's largest commercial real estate investment, development and management firms. Oxford oversees and manages approximately C$16 billion of real estate for itself and on behalf of its co-owners and investment partners including headquarter buildings and development projects such as the Royal Bank Plaza in Toronto, the West Side Yards in New York, Watermark Place in London and Centennial Place in Calgary. Oxford's investments include office, retail, hotel, industrial and multi-family residential properties. Oxford is the real estate arm of the OMERS Worldwide Group of Companies. For more information visit www.oxfordproperties.com
This information is provided by RNS
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