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Department Stores

30th Mar 2005 10:23

British Land Co PLC30 March 2005 30 March 2005 FOUR MORE DEBENHAMS DEPARTMENT STORES FOR BRITISH LAND FROM ALLDERS Other Allders Initiatives Debenhams Retail Plc has taken lease assignments of the former Alldersdepartment stores totalling 421,750 sq ft at British Land's Queensmere ShoppingCentre, Slough, at The Peacocks Centre, Woking and at The Eastgate Centre,Basildon. The introduction of one of the UK's leading department store operatorswill enhance the retail offer at these Centres. British Land has also purchased the freehold of the former Allders store inClapham. The store totals 139,000 sq ft and is located in the heart of Clapham'smain shopping area with frontage to Lavender Hill and St Johns Road.Simultaneously Debenhams has entered into a 30 year lease at an initial rent of£1.25 m pa on which Tim Roberts, Joint Head of Asset Management at British Land,comments: "In backing Debenhams' purchase of Clapham we have managed to secure awell located London department store with the benefit of guaranteed upliftsthroughout a long lease, plus the potential for additional rental growth atreview. We are also very pleased to welcome such a strong anchor retailer asDebenhams to three of our shopping centres." Rob Templeman at Debenhams comments: "We are delighted to work again withBritish Land on expanding our store portfolio". Note to Editors: The release refers to "Four MoreDebenhams Department Stores"because as announced on 14 February 2005, British Land has acquired 23 freeholdand long leasehold Debenhams department stores for some £495m. Totalling 3.28msq ft, the stores are located in prime locations throughout England includingLondon (Oxford Street), Manchester, Cardiff and Chester. Other Allders initiatives agreed by British Land Allders formerly occupied 32,000 sq ft at St James's Retail Park, Northamptonand this lease has been assigned to BHS. Allders also formerly occupied 106,000sq ft at Carr Lane, Hull and this lease has been assigned to Primark. BritishLand has taken advantage of a pre-emption clause in the Allders lease atMeadowhall Shopping Centre and bought back the lease from the Administrator, asdemand from retailers for this accommodation is strong. Contacts The British Land Company PLC:John Weston Smith Tel: 020 7467 2899 Fax: 020 7467 2992 Email: [email protected]:Gordon Simpson Tel: 020 7251 3801 Fax: 020 7251 4112 Email: [email protected] This information is provided by RNS The company news service from the London Stock Exchange

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