Pre-Let Extension at Clifton Moor Shopping Park

RNS Number : 9489O

British Land Co PLC

13 August 2014

 



British Land and Tesco Fully Pre-Let Extension at Clifton Moor Shopping Park 

British Land and Tesco are pleased to announce that they have fully pre-let the new £19 million extension at Clifton Moor Shopping Park in York, increasing the occupancy and value of the park.

·      Wren Living is to open a 16,900 sq ft store on a 10 year lease

·      DFS will open 15,000 sq ft on a 15 year lease

·      Harvey's is taking 14,500 sq ft on a 10 year lease

·      Oak Furniture Land secures 8,000 sq ft on a 10 year lease

·      JYSK has relocated and is taking 7,500 sq ft on a 10 year lease

The extension provides five new high quality units that enhance the attraction of the park to both retailers and shoppers alike. Planning consent has been obtained and works are on site, the extension is due to open in autumn 2014. In addition to the extension, a new cycle path is to be installed by the City of York Council to link the park with the surrounding residential and leisure provisions, to further aid connectivity along Stirling Road.

Duncan Reader, Asset Manager for British Land, said: "The extension at Clifton Moor Shopping Park is part of our ongoing improvement works across our UK portfolio. We are delighted to have fully pre-let the space and to expand our relationship with a number of well-established operators. The new development enhances the visibility of the park, enables the upgrading of common areas and provides high quality units to meet consumer demand."

British Land was represented by Wilkinson Williams.

ENDS

Enquiries:

Investor Relations
Sally Jones, British Land	020 7467 2942
Media
Jackie Whitaker, British Land	020 7467 3449
Emma Hammond, FTI Consulting	020 3727 1227
Pip Wood, British Land	020 7467 2942
Gordon Simpson, Finsbury Group	020 7251 3801

Notes to Editors

About British Land

We are one of Europe's largest publicly listed real estate companies. We own, manage, develop and finance a portfolio of high quality commercial property, focused on retail locations around the UK and London Offices & Residential. We have total assets in the UK, owned or managed of £17.8 billion (British Land share of which is £12.0 billion), as valued at 31 March 2014. Our properties are home to over 1,000 different organisations and receive over 300 million visits each year. Our objective is to deliver long-term and sustainable total returns to our shareholders and we do this by focusing on Places People Prefer. People have a choice where they work, shop and live and we aim to create outstanding places which make a positive difference to people's everyday lives. Our customer orientation enables us to develop a deep understanding of the people who use our places. We employ a lean team of experts, who have the skills to translate this understanding into creating the right places, and we have an efficient capital structure which is able to effectively finance these places.

UK Retail assets account for 53% of our portfolio. As the UK's largest listed owner and manager of retail space, our portfolio is well matched to the different ways people shop today, from major regional shopping centres to single occupier locations. We are focused on being the destination of choice for retailers and their customers by being the best provider of spaces and services. Comprising around 25 million sq ft of retail space across 66 retail parks, 85 superstores, 15 shopping centres, 12 department stores and 77 leisure assets, the retail portfolio is modern, flexible and adaptable to a wide range of formats.

Our Office and Residential portfolio, which accounts for 47% of our portfolio is focused on London, We have an attractive mix of high quality buildings in well managed environments and a pipeline of development projects which will add significantly to our portfolio. Increasingly, our offices are in mixed-use environments which include retail and residential elements. Our 7.3 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 and creating Places People Prefer.

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

 

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