Land Securities Group Plc
01 March 2007
1 March 2007
LAND SECURITIES ACQUIRES REMAINING INTEREST IN IIC JOINT VENTURE
Land Securities Group PLC announced today that its property partnership
business, Land Securities Trillium ('LST'), has purchased the remaining interest
in Investors in the Community Group Limited ('IIC'), its joint venture with Mill
Group. LST will pay Mill Group a total of £7.4 million for the remaining 50%
interest in IIC.
Since creating the partnership in January 2006, IIC has been focused on
advancing its position in the Building Schools for the Future ('BSF') and
community Public Private Partnership ('PPP') markets. It is currently
short-listed for major BSF projects in Islington and Kent with an anticipated
value of circa £500 million and will continue to seek additional opportunities
in socially responsible community projects.
Ian Ellis, Chief Executive of Land Securities Trillium, commented on the
transaction: 'LST believes that the total ownership of IIC together with the
recent acquisition of SMIF will provide the Group with a broad reach into its
target markets, embracing property partnerships and both primary bidding and
acquisition of secondary Public Private Partnerships.
'The integration of the three businesses will give us a very strong origination
capability and provide a clear differentiation in terms of our ability to
generate future value for shareholders.'
IIC currently manages on behalf of institutional investors a £650m portfolio
comprising seventeen secondary and six primary schools and twenty-two local
authority and community health sector facilities.
All forty nine IIC employees will transfer to LST.
-Ends-
For further info, please contact:
Emma Denne/Ian Ellis Dido Laurimore
Land Securities Group PLC Financial Dynamics
T +44 (0)20 7413 9000 T +44 (0)20 7831 3113
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.