Regents Place fully occupied

RNS Number : 3826Q

British Land Co PLC

01 September 2014

 



                                                                                    1 September 2014

Regent's Place fully occupied following letting of 30 Brock Street

British Land announces today that Regent's Place, its 13 acre mixed-use campus in the West End, is fully let with The Guinness Partnership agreeing terms for the final remaining accommodation at 30 Brock Street. The campus was completed in the summer of 2013, with the delivery of 10 - 30 Brock Street adding 500,000 sq ft of office, retail and residential space.

The Guinness Partnership, a charitable housing association, have signed a ten year lease for the accommodation at 30 Brock Street.  The letting means the completed campus of 1.5m sq ft is now fully-occupied - a significant milestone in British Land's 30 year journey at Regent's Place.

Regent's Place has emerged as a premier London office location, attracting a diverse mix of occupiers including Santander, JP Morgan, Gazprom, Aegis and Facebook.

The success of Regent's Place has been built on the quality and quantity of office space available and the larger floorplates offered compared to other West End locations. Currently 15 companies each occupy offices of over 20,000 sq ft across the campus. 10 Brock Street, the largest West End office building delivered since 2010, was fully let just three months after completion in 2013 and was selected as the UK headquarters for both Facebook and Debenhams.

As well as delivering the office space required by modern occupiers, British Land has transformed Regent's Place into a rich and diverse environment. It is home to The Triton Building; a 26 storey tower with 94 residential apartments. In addition an extensive collection of public art is also located on the campus along with the New Diorama Theatre, and centred around Regent's Place Plaza, an acre of public space that plays host to an array of events, it serves as a place for people to meet, eat and spend time.

Formerly one of Central London's most underprivileged communities, the area surrounding Regent's Place has been boosted by the success of the campus. The  area is now in the top 1% in London for reductions in deprivation, with the 6,400 full time jobs created during the construction of 10 - 30 Brock Street a key factor for the area being ranked in the top 5% in London for improvements to employment from 2004 - 2010.

Tim Roberts, Head of Offices at British Land, said: "This deal, which sees Regent's Place fully-let, represents another milestone in what has been an incredible journey over the past 30 years. Regent's Place is a great example of how British Land creates the right spaces and environments to attract occupiers, and where people want to work, live and visit. It has been a huge success, and will help inform what we do at our other campuses, notably Paddington Central."

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

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 £17.6 billion (British Land share of which is £11.9 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% (pro forma for developments at estimated end value) 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 63 retail parks, 82 superstores, 14 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% (pro forma for developments at estimated end value) 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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