5th Apr 2007 10:33
British Land Co PLC05 April 2007 NETWORK RAIL SELECTS BRITISH LAND FOR EUSTON The potential to create a world class station at Euston moved closer today withthe announcement that British Land is Network Rail's preferred developmentpartner for the station. Subject to completion of a legal agreement, Network Rail and British Land willnow draw up a masterplan for the station and progress these plans through therelevant planning processes. The scheme will transform one of Britain's busiesttransport interchanges. It will increase the capacity of the concourse andreduce congestion for the millions of passengers who use the station each year.The plans will fully safeguard the operational needs of the station and allowfor future expansion. The passenger improvements - at a station that fundamentally has not changedsince the late 1960s - will be funded by unlocking the commercial developmentpotential of the site. The aim is to redevelop the station to address thedemands of a growing railway and create a high quality destination that is acatalyst for regeneration. Iain Coucher, Network Rail's Deputy Chief Executive said: "It has been tough todecide which company to select as our preferred development partner for Eustonstation. Eventually, Network Rail has selected British Land and we are confidentthat it has the right team and the right ideas to make a real difference forpassengers. This is a once-in-a-generation opportunity to transform a landmarkstation, so it is not a decision we made lightly". Nigel Webb, Head of Developments, British Land said: "We are delighted to havebeen selected for the re-development of Euston Station. This is a majormixed-use development on a 15 acre site at one of the capital's leadingtransport hubs. Our proposals will bring forward development of one of London'slargest regeneration sites, providing significant benefit to the local communityand to the 55m rail passengers currently using Euston Station each year. Theopportunity plays to our strengths of delivering large scale complexdevelopments which can unlock significant value". Network Rail is advised by DTZ Debenham Tie Leung.Date: 5 April 2007 Media enquiriesBritish Land: Laura De Vere - 020 7467 2920 Mobile: 07739 292920Network Rail: Media Relations - 020 7557 8292/3 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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