Re: Letting
Land Securities Group Plc
19 January 2005
19 January 2005
LAND SECURITIES GROUP PLC ('Land Securities')
Land Securities completes City of London property deal with DrKW
Land Securities and Dresdner Kleinwort Wasserstein ('DrKW'), the investment
bank, have completed the property transaction under which DrKW will take a lease
at 30 Gresham Street, London EC2, Land Securities' newly developed building in
the City of London. DrKW will surrender its current portfolio of office space
in and around 20 Fenchurch Street, London EC3. It is expected that DrKW will
relocate into the new building in early 2006.
The key terms of the 30 Gresham Street lease are:
• A lease over 388,726 sq ft (36,112 sq m) of accommodation, comprising
the entire office space in the building
• A lease term of 24 years with reviews in 2008 and every five years
thereafter
• The rent will be reviewed to open market on an upward only basis
• DrKW will have the benefit of put options on three floors in September
2008, 2013 and 2018.
The Fenchurch Street Estate
• DrKW will surrender all their interests in the Fenchurch Street Estate
• DrKW will transfer their part freehold interest in the Fenchurch
Street Estate to Land Securities
• Should Land Securities redevelop, sell or assign the Fenchurch Street
Estate, DrKW will receive an overage payment following practical completion or
completion linked to a formula.
Commenting on the transaction, Mike Hussey, Managing Director, London Portfolio
said 'We are very pleased to have concluded our negotiations with DrKW - we are
now pressing ahead with our pre-letting campaigns for Bankside123 and New Street
Square as well as progressing our development at 120 Cheapside for 181,000 sq ft
(16,814 sq m) of new office and retail accommodation.'
- ends -
For further information please contact -
Land Securities
Mike Hussey/Emma Denne
Tel: 020 7413 9000
Financial Dynamics
Stephanie Highett/Dido Laurimore
Tel: 020 7831 3113
Note to Editors
Land Securities is a FTSE 100 company, quoted on the London Stock Exchange. It
has been at the forefront of the UK's commercial property industry for 60 years.
Today, the Group maintains its market leading position as the UK's largest
quoted property company by providing commercial accommodation and property
services to a wide range of occupiers. The Group's objective is to create
attractive and sustainable returns for its shareholders through its activities,
which include property investment, development and property outsourcing.
Land Securities holds a market leading position in three areas of the UK
commercial property market:
• Retail
• Central London offices and
• Property outsourcing.
Its £8 billion investment portfolio includes more than 810,000 sq m of office
space in Central London and substantial retail holdings in Oxford Street,
Tottenham Court Road and Notting Hill Gate. In addition the Group owns 18
shopping centres and 25 retail parks located across the UK.
This information is provided by RNS
The company news service from the London Stock Exchange
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