Broadgate REIT

RNS Number : 2446I

British Land Co PLC

24 March 2015

 



Broadgate REIT

British Land and GIC, the 50:50 owners of Broadgate, have established Broadgate REIT Limited, a real estate investment trust as the new holding company for their joint venture.  This will not involve any change to either party's economic interest in Broadgate (or the joint venture). 

Enquiries:

Investor Relations Sally Jones, British Land	020 7467 2942
Media Pip Wood, British Land Gordon Simpson, Finsbury Group	020 7467 2838 020 7251 3801
GIC Ms Jennifer Lewis Head, Corporate Governance and Communications Tel: [phone] H/P: (65) 9826 6198 E-mail: [e-mail] Ms Mah Lay Choon Senior Vice President Corporate Governance & Communications GIC Pte Ltd DID: [phone] Mobile: [phone] Email: [e-mail]

Notes to Editors

About Broadgate

Broadgate is a 30 acre fully managed estate in the heart of the City. Since opening, the estate has been progressively developed and now includes 16 separate buildings covering 4.7 million sq ft. The office buildings are set around four landscaped squares each providing an attractive working environment enhanced by restaurants, pubs, shops and health clubs. Due to its excellent location - it has been built around Liverpool Street station, the City's main transport hub - Broadgate has become a dynamic and thriving business community. With over 30,000 workers, it is home to some of the world's biggest corporations and top professional practices.

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 £19.0 billion (British Land share of which is £12.8 billion), as valued at 30 September 2014. Our properties are home to over 1,000 different organisations and receive over 340 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 54% 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 retail parks, superstores, shopping centres, department stores and leisure assets, the retail portfolio is modern, flexible and adaptable to a wide range of formats.

Our Office and Residential portfolio, which accounts for 46% 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 7.9 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  

About GIC (www.gic.com.sg)

GIC is among the world's largest fund management companies. It was established in 1981 to manage Singapore's foreign reserves. GIC strives to achieve good long-term returns on assets under its management, so as to preserve and enhance Singapore's reserves. Since its inception, GIC has grown from managing a few billion dollars to well above US$100 billion today. GIC's investment framework capitalises on its strengths which include the ability to take a long-term investment perspective, a global presence, capabilities to invest in cross-asset opportunities, and a skilled and experienced team. It has investments across 40 countries and in assets such as equities, fixed income, real estate and private equity. GIC has been investing in emerging markets for over twenty years. GIC is headquartered in Singapore with a network of offices in nine cities worldwide.

 

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