10th Sep 2007 10:11
British Land Co PLC10 September 2007 BLYTHE VALLEY PARK DEAL SEALED British Land confirmed today the sale of Blythe Valley Park, Solihull, for atotal consideration of up to £161 million to Doughty Hanson & Co Real Estate andUS based REIT Liberty Property Trust. The 257 acre landmark site has been developed by British Land in partnershipwith Solihull Metropolitan Borough council and provides circa 500,000 sq ft ofexisting office accommodation within 97 acres of undeveloped land. Late lastyear, outline planning consent was secured for a major extension to the parkbringing the total consented area up to 2 million sq ft of office accommodation.Blythe Valley Park current tenants include Ove Arup, Logica, Regus, Virgin andOracle. Up to £17.5 million, of the total price apportioned to the undeveloped land, isto be paid on a deferred basis over the next four years. Tim Roberts, Director and Head of Offices, British Land, said: "The disposal isin line with our stated strategy of value creation through capital recycling anda tightened sector focus on our core markets of London Offices and Out of Townretail, the two sectors in which we have leading positions and expertise." Notes to Editors: •British Land is the largest UK Real Estate Investment Trust (REIT) by assets (£16.3 billion) with total assets under management of £20.4 billion, as at 30 June 2007. •The portfolio, focused on the growth sectors of London Offices and Out of Town Retail, has the longest leases and occupancy rates at 98.6 per cent are amongst the highest of the major UK REITs. •Retail assets account for 55 per cent of the portfolio, 80 per cent of which is in prime out-of-town locations. Offices account for 42 per cent of the portfolio of which 97 per cent is London-based and includes a £4 billion office development pipeline coming to fruition between now and 2011. Date: Monday, 10 September, 2007 For further media information: British LandLaura De Vere: Tel 020 7467 2920. Mobile 07739 292920. Doughty Hanson & Co Real EstateDuncan Murray: Tel 020 4572823. Mobile 07976 952626 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
British Land