Technology Consortium
British Land Co PLC
29 June 2000
Major Property Owners Announce Formation of Consortium to Provide Telecoms
Technology to Tenants' Desktops.
A landlords' consortium of major property owners has been formed to provide
tenants with access to high-tech telecommunications services.
The initial members of the Consortium are The British Land Company PLC, Canary
Wharf Group plc, Legal & General Property Ltd, Norwich Union Investment
Management and Prudential plc. Together the Consortium members own or manage
18 million square metres comprising approximately £35 billion of institutional
quality property across the office, retail and industrial sectors. It is the
intention of the Consortium to invite other property owners to join them.
In the first instance, the Consortium plans to wire its buildings for the
future, to enable constantly upgradable fast access from tenants' desktops,
including digital voice, data and video capabilities. This will open up the
opportunity to provide comprehensive technology services and support to
tenants, including best-of-class broadband services, e-commerce portals and
ASP services.
The Consortium has appointed Morgan Stanley Dean Witter to advise on the
choice of commercial partners for this new enterprise. A 'Request for
Proposal' is being sent out to potential partners on a selective basis.
A spokesman for the Consortium said: 'We are very excited to be joining forces
in this new enterprise. For the first time, as major property owners we will
be able to aggregate the growing demand for these new and important telecoms
services. This will enable us to provide the highest levels of service
quality at affordable costs, even to our smaller business tenants. By
broadening the range of our offer to our occupiers, we will significantly
enhance the value of the traditional landlord and tenant relationship. We
look forward to working together and building further for the future.'
About The British Land Company PLC
British Land was founded in 1856 and is one of the largest quoted U.K.
property companies with total properties under management of approximately
£9.5 billion. The company has a long-term view strategy and therefore
principally invests in income-producing, freehold properties to maximise their
growth and potential. British Land is also active in property trading and
development and augments its activities through innovative financing. Its
portfolio comprises 43% offices, 46% retail, 5% development, 4% leisure and 1%
industrial & distribution. Over 90% of its office portfolio is located in the
City and West End and includes important developments such as the Broadgate
Estate, Plantation House, Ludgate House and Regent's Place. The overall
portfolio is of high quality with 91% acquired within the last ten years.
About Canary Wharf Group plc
The Canary Wharf Group is a distinctive, integrated property development
company focused exclusively on Grade A office space and high quality retail
facilities at the Canary Wharf Estate, a major development which is part of
the Central London Office Market. Canary Wharf Group plc was listed on the
London Stock Exchange in April 1999. Canary Wharf was subsequently admitted
to the FTSE 250 and currently has a portfolio valued at over £4 billion.
About Legal & General Property Ltd
Legal & General Property Ltd is a wholly owned subsidiary of Legal & General
Investment Management Holdings. The ultimate parent is Legal & General Group
plc, which is one of the largest financial services companies in the UK.
Legal & General Property Ltd manages over £4.5 billion of UK property in six
funds for both internal and external clients. It is one of the largest
property fund managers in the UK. Legal & General Property Ltd is experienced
in both direct and indirect property investments and has a major development
programme. The portfolios comprise 47% retail, 30% offices, 20% industrial,
and 3% other uses. 50% is located in London and South East.
About Norwich Union Investment Management
Norwich Union Insurance Group, through Norwich Investment Management and
Morley Properties, is one of the largest owners and managers of property in
the United Kingdom. With approximately £7 billion owned and managed, Norwich
Investment Management is focused on value creation and value preservation for
its portfolio of investments.
About Prudential plc
Prudential is one of the largest institutional property investors in the
United Kingdom, with around £10 billion under management. It employs over
100 property investment professionals committed to the investment performance
of the funds under management. Its philosophy is one of value investing,
believing that market prices do not always reflect fundamental value. The
property team manages funds ranging in size from under £20 million to over £7
billion. It manages pension funds on a segregated basis and also offers a
pooled property fund of over £300 million, through which pension funds can
gain access to a well-diversified portfolio of commercial property.
Contacts:
Nick Ritblat The British Land Company PLC (020) 7467 2890
Peter Anderson Canary Wharf Group plc (020) 7418 2212
Stuart Beevor Legal & General Property Ltd (020) 7528 6890
Ian Womack Norwich Union Investment Mgmt (016) 0368 4580
Martin Moore Prudential plc (020) 7548 6571
John Carrafiell Morgan Stanley Dean Witter (020) 7425 5654
Lorraine Baldry Morgan Stanley Dean Witter (020) 7425 6899
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