British Land signs 1st major

RNS Number : 2901Q

British Land Co PLC

07 April 2009

 



The British Land Company PLC

7 April 2009

BRITISH LAND SIGNS FIRST MAJOR PRE-LETS FOR ROPEMAKER  

The Bank of Tokyo-Mitsubishi UFJ, Ltd. and Mitsubishi UFJ Securities International plc have signed a pre-letting agreement for up to 38% per cent of British Land's new

586,000 sq ft Ropemaker office development in the City of London, EC2. 

The 20-storey office building, one of British Land's most sustainable City developments yet, will achieve practical completion in early summer and will see The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) and Mitsubishi UFJ Securities International plc (MUSI) take 186,517 sq ft accommodation across nine floors with options for a further 42,654 sq ft. 

Chris Grigg, Chief Executive, British Land said: "We are delighted to welcome The Bank of Tokyo-Mitsubishi UFJ and Mitsubishi UFJ Securities International, with whom we have longstanding relationships, to our newest City office development. The agreement is very welcome progress, representing some 50 per cent of City office space taken up so far this year, and is in line with our target to let one third of new space prior to completion. Ropemaker's range of floor plates and roof gardens are on a scale and quality unparalleled in the City."

The average initial rent is £46.50 per sq ft on a lease term of 20.5 years with a minimum uplift to £52.50 per sq ft at first review in 2014. An initial rent free period of 48 months from practical completion will be granted to both BTMU and MUSI. The banks will be co-locating from their existing buildings at Finsbury Circus and No.6 Broadgate. During Q4 2010, MUSI will surrender 112,000 sq ft at No.6 Broadgate, where the lease is due to expire in 2013.

Knight Frank advised BTMU and MUSI; Jones Lang LaSalle and CB Richard Ellis represented British Land.

Ends

Notes to Editors

The floors are level 1 and 2, plus levels 14 to 20 at Ropemaker. BTMU/MUSI can decide, prior to practical completion, to take consecutive levels. This would reduce the accommodation to be occupied to 176,000 sq ft and reduce options to 31,831 sq ft. 

Designed by Arup Associates Ropemaker is on target to achieve 15% lower carbon emissions than set out in the Building Regulations and is also on target for an 'Excellent' BREEAM rating - the most widely used environmental assessment method for buildings.  

No. 6 Broadgate comprises in total 262,600 sq ft and other occupiers include UBS and Ambac Assurance. 

British Land is one of the UK's largest Real Estate Investment Trust with total assets, owned or under management, valued at £13.7billion, as at 31st December, 2008. 

Continued…/

FIRST PRE-LET FOR ROPEMAKER….2/

The portfolio, focused on the Out of Town Retail and London Office sectors, has the longest leases (average 13 years) and occupancy rates (96 per cent) amongst the highest of the major UK REITs. 

Retail assets account for 59 per cent of the portfolio - 83 per cent located at prime out-of-town sites.  Offices account for 39 per cent of the portfolio, of which 99 per cent is London-based. New office and retail developments - accounting for circa 5% of the total portfolio - complement these holdings. 

Sustainability is at the core of its business - from community involvement in the planning process, through development, refurbishment and management - and the aim is to provide attractive buildings that minimise resource use and meet the needs of occupiers today and tomorrow. 

Date:  Tuesday, 7 April 2009

Media enquiries

British Land: Laura De Vere. Tel: [phone]. Mobile: [phone]

Finsbury: Ed Simpkins: Tel [phone]

Investor Relations:

British Land: Amanda Jones: Tel: [phone]

 

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