11th Jan 2005 07:00
Land Securities Group Plc11 January 2005 11 January 2005 LAND SECURITIES GROUP PLC ("Land Securities" / "Group") Land Securities Trillium and Barclays Bank agree new property outsourcing deal Land Securities announces that its property outsourcing business, LandSecurities Trillium, has agreed an innovative new property outsourcing deal withBarclays Bank ("Barclays"). The transaction involves 14 properties totalling 31,540 sq m and has twoelements: • Barclays will sell Westwood Business Park, Coventry (three buildings totalling 11,300 sq m) to Land Securities Trillium on a 20-year leaseback arrangement. • Land Securities Trillium will assume responsibility for 13 short leaseholds surplus to Barclays' requirements and largely vacant as a result of its property rationalisation in London and the south of England. Barclays will make a capped payment to reflect the letting risk, as Land Securities Trillium will assume responsibility for all future benefits and liabilities relating to the transferred interests. Barclays Bank's main objectives in undertaking the deal are to achieve propertycost certainty and financial benefit through the two-way transaction structure,as well as transferring the management burden associated with a non-coreproperty portfolio. Ian Ellis, Chief Executive of Land Securities Trillium, said "We are delightedto have agreed this new, long-term contract with Barclays Bank. It plays toLand Securities Trillium's proven strengths in property risk management andmaximising asset values. It again demonstrates that we can provide bespokeproperty outsourcing solutions to suit our customers' specific needs. Thisagreement confirms the continuing evolution of the property outsourcing market." Chris Davies, Barclays Bank's Group Property Director, said "We are pleased tobe commencing this long-term property outsourcing agreement with Land SecuritiesTrillium. The transfer of these properties helps us to realise our propertystrategy and in turn support our business needs." Land Securities Trillium was advised by Nelson Bakewell. Barclays Bank wasadvised by Jones Lang LaSalle and Atis Real Weatheralls. -Ends- For further information, please contact: Land SecuritiesIan Ellis / Cat LeyTel: +44 (0) 20 7796 5500 Financial DynamicsStephanie Highett / Dido LaurimoreTel: +44(0) 20 7831 3113 Barclays BankJo ThethiTel: +44 (0) 7699 2966 NOTES TO EDITORS: Land Securities Trillium Land Securities Trillium, part of the Land Securities Group, is one of the UK'sleading providers of property outsourcing solutions. Capital, estate strategy,property management, facilities management and risk management services arecombined to meet the particular needs of corporate and public sectororganisations. Land Securities Trillium currently owns or manages over 8,400properties throughout the UK. Clients include the Department for Work andPensions, the BBC, BT and Norwich Union. This contract with Barclays Bank is the second property outsourcing contractthat Land Securities Trillium has undertaken with a financial services clientsince April 2004. A long-term agreement with Norwich Union commenced in June2004 and is progressing to programme. Land Securities Group PLC Land Securities is a FTSE 100 company, quoted on the London Stock Exchange. Ithas been at the forefront of the UK's commercial property industry for 60 years. Today, the Group maintains its market leading position as the UK's largestquoted property company by providing commercial accommodation and propertyservices to a wide range of occupiers. The Group's objective is to createattractive and sustainable returns for its shareholders through its activities,which include property investment, development and property outsourcing. Land Securities holds a market leading position in three areas of the UKcommercial property market: • Retail • Central London offices and • Property outsourcing. Its £8 billion investment portfolio includes more than 810,000 sq m of officespace in Central London and substantial retail holdings in Oxford Street,Tottenham Court Road and Notting Hill Gate. In addition the Group owns 18shopping centres and 25 retail parks located across the UK. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Land SecuritiesBarclays