New Letting At The Leadenhall Building

RNS Number : 6319Y

British Land Co PLC

28 January 2014

 



British Land and Oxford Properties Announce

New Letting At The Leadenhall Building

British Land and Oxford Properties are pleased to announce that their 50:50 joint venture has signed an Agreement for Lease with the world's leading serviced office business, Servcorp, for level 30 at The Leadenhall Building

Level 30 provides 11,851 sq ft with the letting on a rent of £72.50 psf for a 15 year term and a lessee's break option at 10 years. The initial rent free period is 24 months and there will be a further rent free period of six months if the option to break is not exercised.

Servcorp, based in Sydney, provides businesses with flexible space in the world's most desirable buildings, with The Seagram Building, Park Avenue, New York, IFC 2 Hong Kong, Trust Tower Marunouchi, Tokyo and Emirates Towers Dubai, among its 140 locations.

The letting is the first single floor letting in the Leadenhall Building. The distinctive tapered profile is unique in London and creates floorplates ranging from 21,000 sq ft on level 5 to 6,200 sq ft on the top floor (level 45). This offers occupiers a wide range of opportunities and is a key strength of the leasing strategy for the upper part of the building.

Tim Roberts, Head of Offices at British Land said: "Servcorp is a brand that is synonymous with the world's premier buildings, We are delighted they have selected The Leadenhall Building to expand their London operations." 

Mike Rayner, Head of Development at Oxford Properties said: "Servcorp's decision to take space at The Leadenhall Building underlines that this is a real trophy building; not just in the context of London, but globally. It is a fitting start to the year in which Leadenhall will reach practical completion. Welcoming Servcorp to the building is also an effective kickstart to the next phase of our leasing programme, where we look forward to attracting a broad community of specialist and corporate occupiers to the building's varied floorplates."

Warren James, Manager, International Property Portfolio at Servcorp said: "This deal represents a substantial expansion of our London business. Servcorp is highly selective in its choice of buildings and our objective is always to be in the best in town: The Leadenhall Building is certainly that. It will provide our clients with accommodation of very high quality in a building of real distinction."

For Information Contact:

British Land

Investor Relations

Sally Jones, British Land                                                0207 467 2942

Media

Pip Wood, British Land                                                   020 7467 2838

Gordon Simpson, Finsbury                                             020 7251 3801

Notes to Editors

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 is 97% and average lease length to first break of 11 years.

UK retail assets account for 59% of our portfolio, around 80% of which are located at prime out of town sites. Comprising around 26 million sq ft of retail space across 67 retail parks, 87 superstores, 16 shopping centres and 12 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 43% 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

About Oxford Properties

Oxford Properties is a global platform for real estate investment, development and management, with over 1,300 employees and approximately $20 billion of real assets that it manages for itself and on behalf of its co-owners and investment partners. Established in 1960, Oxford was acquired in 2001 by OMERS, one of Canada's largest pension funds with over $60 billion in assets. Oxford has regional offices in Toronto, London and New York, each with investment, development and management professionals who have deep real estate expertise and local market insight.

For more information visit www.oxfordproperties.com

 

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