Amlin Signs On The Leadenhall Building

RNS Number : 1607F

British Land Co PLC

21 May 2013

 



Amlin Signs On The Leadenhall Building

British Land and Oxford Properties are pleased to announce that their 50:50 joint venture has exchanged a binding Agreement for Lease with Amlin plc for a pre-letting of 111,000 sq ft at The Leadenhall Building, London, EC3. The letting represents approximately 20% of the office space in the 610,000 sq ft tower which is under construction and on programme for delivery in mid-2014.

Amlin will occupy levels 18-24 and level 45 of the 47-storey building on 20 year lease terms with tenant break options providing an average lease term of 14 years to first break. The average rent will be £62.75 per sq ft. Amlin also has options to take up further space totalling up to 36,760 sq ft.  Up until September 2013 Amlin also has the option to choose not to take up a lease on level 18, which would reduce the base take to 95,000 sq ft.

The Leadenhall Building is now over 51% pre-let. Occupying a prominent position opposite Lloyd's of London, it is already established on the London skyline and recognised as a new icon for the city.

Chris Grigg, Chief Executive of British Land said, "This significant second letting confirms The Leadenhall Building as a world-class building. We are very pleased to be in business with a company of the standing of Amlin, a market leader in the insurance sector."

Paul Brundage, Executive Vice President, Senior Managing Director Europe of Oxford Properties said, "Our partnership with British Land at The Leadenhall Building has been a great success and this latest significant leasing deal with another prominent occupier evidences this. We look forward to welcoming Amlin to the building and fostering a long standing relationship with them."

Charles Philipps, Chief Executive of Amlin plc said, "We are very pleased to be moving to The Leadenhall Building. It will be an uplifting new office for us in a building of high architectural quality and an unbeatable location directly opposite Lloyd's Insurance market."

Amlin plc was advised by Savills, and British Land and Oxford Properties were advised by DTZ and Jones Lang LaSalle. 

Enquiries:

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

About British Land

British Land is one of Europe's largest Real Estate Investment Trusts (REITs) with total assets, owned or managed, of £16.4 billion (British Land share £10.5 billion), as valued at 31 March 2013. Through our property and finance expertise we attract experienced partners to create properties and environments which are home to over 1,000 different organisations and receive over 300 million visits each year. Our property portfolio is focused on prime retail locations and London offices which attract high quality occupiers committed to long leases. Our occupancy rate of 96.8% and average lease length to first break of 10.7 years are among the highest of the major UK REITs.

Retail assets account for 60% of our portfolio, around 80% of which are located at prime out of town sites. Comprising around 29 million sq ft of retail space across 80 retail parks, 91 superstores, 17 shopping centres and 13 department stores, the retail portfolio is modern, flexible and adaptable to a wide range of formats. Our active asset management delivers space which is attractive and meets the needs of both retailers and consumers.

London offices, located in the City and West End, comprise 35% of the portfolio (which will rise to an estimated 38% on completion of current developments). Our 6 million sq ft of high quality office space includes Broadgate, the premier City office campus (50% share) and Regent's Place in the West End. Since 2010, we have committed £1.2 billion to create London's largest committed office development programme to deliver 2.3 million sq ft of high quality space by 2014, including a 700,000 sq ft building at 5 Broadgate, the 610,000 sq ft Leadenhall Building in London's insurance district and a 500,000 sq ft mixed office and residential scheme at Regent's Place in the West End.

Our size and substance demands a responsible approach to business and we focus on five areas which matter most to us and our key stakeholders: managing buildings efficiently; developing sustainable buildings; enhancing biodiversity; exceeding customers' expectations and focusing on local communities. We believe leadership on issues such as sustainability helps drive our performance and is core to our corporate vision of building the best REIT in Europe.

Further details can be found on the British Land website at www.britishland.com

About Oxford Properties

Oxford Properties is a global platform for real estate investment, development and management, with over 1,300 employees and approximately $20 billion of real assets that it manages for itself and on behalf of its co-owners and investment partners. Established in 1960, Oxford was acquired in 2001 by OMERS, one of Canada's largest pension funds with over $60 billion in assets. Oxford has regional offices in Toronto, London and New York, each with investment, development and management professionals who have deep real estate expertise and local market insight.

For more information visit www.oxfordproperties.com

About Amlin plc

Amlin plc is a leading independent insurance group operating in the Lloyd's market through Amlin London and additionally in the UK, Continental European and Bermudian markets. Amlin specialises in providing insurance cover to commercial enterprises across a broad range of risks including marine & aviation and international property & casualty. Amlin also provides reinsurance protection to other insurance companies around the world. A FTSE 250 quoted company domiciled in the UK, Amlin's Syndicate 2001 is highly rated at 'A+' (Excellent) by AM Best and 'A2' (Stable) by Moody's.

 

END

 

 

MSCZMGZKNGFGFZM