New Lettings - Record Highs
British Land Co PLC
12 September 2007
NEW LETTINGS - RECORD HIGHS
British Land today confirmed 243,535 sq ft of new London office lettings since
it published its first quarter financial results in mid August.
The company has exchanged contracts with Sempra Energy, the Fortune 500 San
Diego-based energy services company, for a letting at 155 Bishopsgate, on the
Broadgate Estate. Sempra Energy has taken the entire 38,000 sq ft level 5,
comprising refitted Category A space, on a lease term to 2019. The initial rent
is £57.50 per sq ft. British Land has also retained RCM, part of the Allianz
Global Investor Group, at 155 Bishopsgate with a lease re-gear for 13,881 sq ft
for 12 years at £54.50 per sq ft, a substantial enhancement on rents passing.
Axis Specialty Europe, part of the Axis Capital group, a leading diversified
specialty insurance and reinsurance business, has taken level 4 at Plantation
Place South. Axis's office accommodation will comprise 19,011 sq ft on a 10 year
lease at £51 per sq ft.
At 338 Euston Road, Regus has renewed its lease for 17,643 sq ft at £50 per sq
ft with a 10 year lease term.
In other news, British Land announced its first pre-letting agreement for The
Broadgate Tower in the City with lawyers Reed Smith Richards Butler LLP for
155,000 sq ft - 39 per cent of the Tower - at rents of £62.50 per sq ft for the
top floors on a lease term of 15.5 years (see separate news release).
Tim Roberts, Director and Head of Offices, British Land, said: "We are delighted
to welcome new blue chip companies Reed Smith Richards Butler, Sempra and Axis
to British Land's London Office portfolio and are equally pleased to retain
existing customers Regus and RCM. These new lettings show that despite the
current financial market uncertainties there is continued demand for British
Land's well located high quality office accommodation."
The new lettings follow on from those recently announced with the Government of
Singapore Investment Corporation for 33,700 sq ft and Moor Park Capital Partners
for 4,800 sq ft at York House, British Land's new head office in London W1, and
Charles Russell for 88,000 sq ft at Ludgate West.
British Land's occupancy rates are amongst the highest of the major UK REITS
with an underlying rate of 98.6 per cent.
Notes to Editors:
• British Land is the largest UK REIT by assets (£16.3 billion) with
total assets under management of £21.4 billion, as at June 31, 2007.
• The portfolio, focused on the growth sectors of London Offices and Out of
Town Retail, has the longest leases and occupancy rates at 98.6 per cent are
amongst the highest of the major UK REITs.
• Retail assets account for 55 per cent of the portfolio, 80 per cent of
which is in prime out-of-town locations. Offices account for 42 per cent of
the portfolio of which 97 per cent is London-based and includes a £4 billion
office development pipeline coming to fruition between now and 2011.
Date: Wednesday, 12 September 2007
Media Enquiries:
British Land - Laura De Vere
Tel: +44 (0)20 7467 2920/Mobile: + 44 (0)7739 292920
This information is provided by RNS
The company news service from the London Stock Exchange
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