Debentures/Ropemaker Substitu

RNS Number : 0554J

British Land Co PLC

23 March 2010

 



NOTICE TO

The holders of the

£100,000,000 6.75% First Mortgage Debenture Bonds 2011, of which £98,414,000 is outstanding

(ISIN (bearer): XS0085945623, ISIN (registered): GB0002648177);

£200,000,000 6.75% First Mortgage Debenture Bonds 2020, of which £199,750,000 is outstanding

(ISIN (bearer): XS0085945037, ISIN (registered): GB0002647542);

£110,000,000 5.0055% First Mortgage Amortising Debenture Bonds due 2035

(ISIN (bearer): XS0276843603, ISIN (registered): GB00B1J01F91);

£310,000,000 5.357 % First Mortgage Debenture Bonds due 2028

(ISIN (bearer): XS0263450909, ISIN (registered): GB00B19ZPK76); and

£330,000,000 5.264 % First Mortgage Debenture Bonds due 2035

(ISIN (bearer): XS0263451972, ISIN (registered): GB00B19ZSN13);

of

The British Land Company PLC (the "Debentures" and the "Company" respectively)

The Company gives notice to the holders of the Debentures that on 11 February 2010 the freehold property known as Ropemaker Place at Ropemaker Street, London EC2Y 9LY was introduced as a mortgaged property securing the Debentures, in substitution for cash collateral previously deposited in the amount of approximately £214,000,000.

Ropemaker Place is a newly developed freehold office block of 592,000 sq ft of which 565,000 sq ft is offices and the remainder retail. 186,000 sq  ft is let to The Bank of Tokyo-Mitsubishi UFJ, Ltd / Mitsubishi UFJ Securities International Plc until 2029, 217,000 sq ft is let to Macquarie Group Services Australia Pty Limited until 2025 and a further 43,500 sq ft is let to Liberum Capital Limited and Mint Equities Limited until 2020.  The current contracted rent is £19.24 million per annum.  The offices are 77.5% let by area.

The British Land Company PLC

York House

45 Seymour Street

London

W1H 7LX 

23 March 2010

Registered in England and Wales No. 621920

 

END

 

 

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