British Land Co PLC

Regulatory Filings • May 29, 2015

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RNS Number : 5729O

British Land Co PLC

29 May 2015

Three new lettings totalling approximately 100,000 sq ft announced at The Leadenhall Building

British Land and Oxford Properties confirms three lettings across seven floors and approximately 100,000 sq ft at The Leadenhall Building to Brit Insurance, Spanish banking group Banco Sabadell and investment management firm Kames Capital.  The building is 84% let or under offer following these signings. 

Brit Insurance, a market leading global insurer and reinsurer, will relocate to The Leadenhall Building from its current premises at 55 Bishopsgate, EC2. The company has signed a 15 year lease to occupy 66,300 sq ft across Levels 16 to 18, 39 and 40.

Banco Sabadell, the fourth largest Spanish bank will occupy Levels 37 and 38 at the building comprising 18,100 sq ft in total. The bank has signed a 10 year lease.

Kames Capital, based in Edinburgh with over £58 billion in assets under management, has taken a lease over Level 26, which provides 13,300 sq ft of office space. The company has signed a 12 year lease.

These transactions follow recent commitments in 2015 from independent shipping brokerage firm Affinity Shipping, IT services provider IPsoft and Rogers Stirk Harbour + Partners, the building's architects.

Tim Roberts, Head of Offices at British Land, said: "We continue to be pleased with the mix of occupiers we are attracting to the Leadenhall building, and our strategy of letting the lower floors first and focusing on the upper floors at completion is playing out well."

Mike Rayner, Head of Developments at Oxford Properties, said: "We are exceeding our targets in terms of leasing, and are thrilled with the response to the building. We have always believed The Leadenhall Building is a world-class, trophy asset, and the level of interest has certainly reaffirmed that."

DTZ and JLL advised British Land and Oxford Properties. Savills advised Brit, Cushman & Wakefield advised Banco Sabadell, and DTZ advised Kames Capital.

Enquiries:

Investor Relations Sally Jones, British Land	020 7467 2942
Media Pip Wood, British Land Sally Saadeh, Oxford Properties Andrew Scorgie, FTI Consulting	020 7467 2838 020 7822 2844 020 3727 1458
Gordon Simpson, Finsbury Group	020 7251 3801

Notes to Editors

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. We have total assets in the UK, owned or managed of £18.9 billion (of which British Land share is £13.6 billion), as valued at 31 March 2015. Our properties are home to over 1,200 different organisations ranging from international brands to local start-ups. 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 55% 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. 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 22 million sq ft of retail space across shopping parks, superstores, shopping centres, department stores and leisure assets, the retail portfolio is modern, flexible and adaptable to a wide range of formats.

Our Office and Residential portfolio, which accounts for 45% 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 6.7 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 and creating Places People Prefer.

Further details can be found on the British Land website at www.britishland.com 

About Oxford Properties Group

Oxford Properties Group is a global platform for real estate investment, development and management, with over 1,750 employees and C$34bn 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 C$72bn 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 about Oxford visit: www.oxfordproperties.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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