8th Jun 2005 11:37
British Land Co PLC08 June 2005 8 June 2005 BL Rosemound sells at Daventry The British Land/Rosemound joint venture at DIRFT, Daventry, has completed thesale of a 300,000 sq ft pre-let freehold distribution warehouse to Sun Life UnitAssurance Limited. The pre-let was signed in November 2004 with Exel for a term of 10 years andconstruction commenced in the same month. A forward commitment to purchase wasentered into with Sun Life in April 2005 and was completed at practicalcompletion of the development in May 2005. This profitable sale at £23.5mreflects an initial yield of 6.65%. Nigel Webb, Head of Developments at British Land said, "Since acquiring the sitein March 2004 BL Rosemound has pre-let over 1m sq ft at DIRFT, endorsing itsleading location for distribution warehousing. This profitable first phase hasbeen completed on time and within budget." Sun Life was advised by AXA REIM UK Limited and Strutt and Parker. The BLRosemound joint venture was advised by M3. Contacts The British Land Company PLC: John Weston Smith Tel: 020 7467 2899Nigel Webb Tel: 020 7467 2860 Finsbury: Edward Orlebar Tel: 020 7251 3801Faeth Birch Tel: 020 7251 3801 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
British Land