29th Mar 2006 14:51
British Land Co PLC29 March 2006 29 March 2006 BRITISH LAND PURCHASES ROPEMAKER PLACE, LONDON EC2 The British Land Company PLC announces the purchase, for a price in excess of£130 million of the units in The Ropemaker Place Property Unit Trust fromGrandbesitz-invest, the German open ended fund advised by DB Real Estate. TheTrust owns the freehold interest in Ropemaker Place, an island site of just overone acre fronting Ropemaker Street, London EC2. The site has detailed planningconsent for 505,000 square feet of offices. Bob Bowden, Property Investment Director of British Land commented: "This is a cleared site ready to go. Construction will start later this year fordelivery to the market in the first quarter of 2009, which fits in with ourforecast timing when we expect City rental growth to put rents significantlyhigher than today. This enhances our City development programme where we have under constructionThe Willis Building (475,000 sq ft) which completes first quarter 2007; LudgateWest (127,000 square feet) for delivery in November 2007 and 201 Bishopsgate(822,000 square feet) completing in mid 2008. We also have planning consent for122 Leadenhall Street of 601,000 square feet, where we anticipate delivery inmid 2010." Agents acting for the Vendor were Jones Lang LaSalle. Contacts The British Land Company PLC:John Weston Smith 020 7467 2899Nigel Webb 020 7467 2860 Finsbury:Edward Orlebar 020 7251 3801 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
British Land