Second Letting At Marble Arch House Completed

RNS Number : 2034M

British Land Co PLC

14 July 2014

 



                                                                                    14 July 2014

British Land completes second letting at Marble Arch House

British Land has completed its second letting at Marble Arch House in the West End, with industrial group Access Industries relocating their London office to the building.

Access Industries, which also operates from New York and Moscow, will occupy the 4,500 sq ft sixth floor, signing a ten year lease.

Access will join Fulcrum Asset Management, which signed a ten year lease for the building's fifth floor earlier this summer, as tenants in the building.

Marble Arch House, located on Seymour Street in the Portman Village, comprises 61,200 sq ft of new high-quality office space over seven floors, all benefiting from terraces and spectacular views across nearby Hyde Park. Designed by Bennetts Associates Architects, the building also incorporates 15,000 sq ft of retail space and is adjacent to ten luxury residential apartments built behind the retained Victorian facade of 62-64 Seymour Street.

British Land entered into an agreement with The Portman Estate to purchase and redevelop Marble Arch House in 2011, with works completing in spring 2014.

James Danby, Director of London Leasing at British Land, said: "We are delighted to welcome another high-calibre occupier tenant to Marble Arch House. Demand has been strong since the launch earlier this summer which is testament to the quality of the space and the desirable location on the edge of Mayfair."

CBRE and Cushman & Wakefield advised British Land.  CBRE advised Access Industries.

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

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 of 97% and average lease length to first break of 11 years are among the highest of the major UK REITs.

UK retail assets account for 59% of our portfolio, around 80% of which are located at prime out of town sites. Comprising around 25 million sq ft of retail space across 69 retail parks, 89 superstores, 17 shopping centres and 13 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 41% 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 Access Industries

Access Industries is a privately-held industrial group with long-term holdings worldwide.  Founded in 1986 by Len Blavatnik, Access has strategic investments in the United States, Asia, Europe and South America with corporate offices in New York, London and Moscow. http://www.accessindustries.com

 

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