23rd Mar 2006 10:27
British Land Co PLC23 March 2006 23rd March 2006 British Land sells Plantation Place, London, EC3 The British Land Company PLC announces the sale of One Plantation Place PropertyUnit Trust for £527 million. The Unit Trust owns the freehold interest in OnePlantation Place. British Land developed this 550,000 square feet building which was completed in2004. It is fully let to tenants Accenture, Wachovia Bank, Aspen Insurance andRoyal & Sun Alliance and produces an income, after rent guarantees to cover rentfree periods, of £27 million per annum. The purchaser is a consortium of Tishman International and Clients of InsightInvestment Management. Bob Bowden, Property Investment Director of British Land commented - 'Whilst we have been bullish for sometime about the prospects for rental growthin the City, this sale enables us to take a development profit at a price thatexceeds the 31st December valuation and enables us to recycle capital intofurther Central London developments; these are 822,000 square feet at 201Bishopsgate and 127,000 square feet at Ludgate West where development hascommenced coupled with the recent purchase of the units in Ropemaker PlaceProperty Unit Trust which owns the freehold interest of Ropemaker Place, acleared site, with full planning consent for 511,000 square feet.' British Land were advised by Jones Lang LaSalle and the purchaser by MorganConsulting. Contact: The British Land Company PLC:Bob Bowden 020 7467 2892John Weston Smith 020 7467 2899 Finsbury:Edward Orlebar 020 7251 3801 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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