Information  X 
Enter a valid email address

Benchmark Group PLC (BMK)


Thursday 19 August, 1999

Benchmark Group PLC


19 August 1999
        Benchmark Disposes of Ibex House, 42-47 Minories,
                  London EC3 for £37.9 million
Benchmark  Group  PLC ('Benchmark'), the central London  property
investment and development company, announces that contracts have
been exchanged for the sale of Ibex House, 42-47 Minories, London
EC3  to  pension  fund clients of Jones Lang  LaSalle  for  £37.9
million in cash.

Ibex  House  comprises 17,650 sq m (190,000  sq  ft)  of  office,
leisure  and  ancillary accommodation and produces an  annualised
rental income of £3.1 million.  Tenants include Claims Management
Group  Limited,  Aquascutum Limited, Holmes Place  plc,  and  The
Secretary of State for the Environment.

Benchmark  acquired Ibex House in July 1997  and  at  that  time,
approximately 42% (80,000 sq ft / 7,400 sq m) of the building was
vacant.  In October 1997, Benchmark began a comprehensive rolling
refurbishment programme to create modern, air-conditioned offices
with large, open plan floor plates.  By December 1998, 13,000  sq
m  (140,000  sq  ft) had been refurbished, of which  9,290  sq  m
(100,000 sq ft) was pre-let.

Nigel  Kempner, Chief Executive of Benchmark, said:  'Ibex  House
has been a highly successful project and demonstrates Benchmark's
expertise   in   both   active   management   and   refurbishment

'When we acquired the property, its low occupancy level reflected
the  very  poor quality of the office accommodation  pending  re-
development.   As  our successful lettings have proved,  we  have
provided  large, modern accommodation, for which there  has  been
strong  demand and have achieved rents between £25 per sq ft  and
£30 per sq ft.

'We   have  created  and  sold  the  completed  project   as   an
institutional  investment and as a result, we  have  achieved  an
attractive profit.'

For further information, contact:

Nigel Kempner                         Jeremy Carey / Vikki Hennen
Chief Executive                          Tavistock Communications
Benchmark Group PLC                           Tel:  0171 600 2288
Tel:  0171 287 6881


a d v e r t i s e m e n t