British Land West End Portfolio Nearly Fully Let

RNS Number : 3139S

British Land Co PLC

23 September 2014

 



British Land West End Portfolio Nearly Fully Let Following Completion of Leasing Agreement at 39 Victoria Street

British Land confirms that it has fully let its recently completed development at 39 Victoria Street, a fully refurbished Grade A office in the heart of Victoria. Designed by JRA Architects, the building has nine clear and flexible floors with the majority benefiting from terraces and the upper levels enjoying spectacular views across London.

This continues a period of successful letting across our recently completed West End developments, with 10-30 Brock Street, 10 Portman Square and 39 Victoria Street now all fully let or under offer at terms ahead of ERV. As a result, our 2.4 million sq ft West End office portfolio has a 96% occupancy rate, up from 88% at 31 March 2014.

Tim Roberts, Head of Offices and Residential, said: "We have continued to see good letting momentum across our London office portfolio which reflects the high quality spaces and environments we have created along with improving occupational demand. With little new product coming to market over the coming years, we are pushing forward with our near-term pipeline."

Enquiries:

Investor Relations

Sally Jones, British Land                                                  020 7467 2942

Media

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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