First Letting At Marble Arch House Completed

RNS Number : 6169G

British Land Co PLC

09 May 2014

 



British Land completes first letting at Marble Arch House

British Land has completed its first letting at Marble Arch House in the West End, with Fulcrum Asset Management due to occupy the 9,000 sq ft fifth floor of the building.

Fulcrum Asset Management has signed a ten year lease at £78.50 per sq ft, and is due to move into the building over the summer.

The deal comes just a month after British Land launched the building, which comprises 61,200 sq ft of new high quality office space over seven floors, and is located on Seymour Street in the Portman Village.

British Land entered into an agreement with The Portman Estate to purchase and redevelop Marble Arch House in 2011. The scheme, designed by Bennetts Associates Architects, also comprises 15,000 sq ft of retail space and is adjacent to ten luxury residential apartments built behind the retained period Victorian facade of 62-64 Seymour Street.

James Danby, Director of London Leasing at British Land, said: "Signing our first letting to Fulcrum Asset Management is a significant milestone in the development of Marble Arch House. It is evidence of the building's high quality and its excellent location, within touching distance of Mayfair, attracting a significant occupier from the asset management industry. We anticipate further strong demand for space at the building moving forward."

CBRE and Cushman & Wakefield advised British Land. Gus Coke of PROP AM advised Fulcrum Asset Management.

Enquiries:

Investor Relations

Sally Jones, British Land                                               020 7467 2942

Media

Giles Barrie, FTI Consulting                                           020 3727 1042

Andrew Scorgie, FTI Consulting                                     020 3727 1458

Pip Wood, British Land                                                 020 7467 2942

Gordon Simpson, Finsbury Group                                  020 7251 3801

About British Land

British Land is one of Europe's largest Real Estate Investment Trusts (REITs). Through our property and finance expertise we attract experienced partners to create properties and environments which are home to over 1,000 different organisationsand receive over 300 million visits each year. Our property portfolio is focused on the UK, in prime retail locations and London offices which attract high quality occupiers committed to long leases. We have total assets in the UK, owned or managed, of £17.1 billion (British Land share £11.2 billion), as valued at 30 September 2013. Our occupancy rate of 97% and average lease length to first break of 11 years are among the highest of the major UK REITs.

UK retail assets account for 59% of our portfolio, around 80% of which are located at prime out of town sites. Comprising around 25 million sq ft of retail space across 69 retail parks, 89 superstores, 17 shopping centres and 13 department stores and 77 leisure assets, 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 39% of the portfolio, which will rise to an estimated 41% on completion of current committed developments. Our 7 million sq ft of high quality office space includes Regent's Place and Paddington Central in the West End and Broadgate, the premier City office campus (50% share). Our size and substance demands a responsible approach to business. We believe leadership on issues such as sustainability helps drive our performance and is core to the delivery of our overall objective of driving shareholder value.

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

 

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