1st Mar 2007 09:18
Land Securities Group Plc01 March 2007 1 March 2007 LAND SECURITIES ACQUIRES REMAINING INTEREST IN IIC JOINT VENTURE Land Securities Group PLC announced today that its property partnershipbusiness, Land Securities Trillium ("LST"), has purchased the remaining interestin Investors in the Community Group Limited ("IIC"), its joint venture with MillGroup. LST will pay Mill Group a total of £7.4 million for the remaining 50%interest in IIC. Since creating the partnership in January 2006, IIC has been focused onadvancing its position in the Building Schools for the Future ("BSF") andcommunity Public Private Partnership ("PPP") markets. It is currentlyshort-listed for major BSF projects in Islington and Kent with an anticipatedvalue of circa £500 million and will continue to seek additional opportunitiesin socially responsible community projects. Ian Ellis, Chief Executive of Land Securities Trillium, commented on thetransaction: "LST believes that the total ownership of IIC together with therecent acquisition of SMIF will provide the Group with a broad reach into itstarget markets, embracing property partnerships and both primary bidding andacquisition of secondary Public Private Partnerships. "The integration of the three businesses will give us a very strong originationcapability and provide a clear differentiation in terms of our ability togenerate future value for shareholders." IIC currently manages on behalf of institutional investors a £650m portfoliocomprising seventeen secondary and six primary schools and twenty-two localauthority and community health sector facilities. All forty nine IIC employees will transfer to LST. -Ends- For further info, please contact: Emma Denne/Ian Ellis Dido LaurimoreLand Securities Group PLC Financial DynamicsT +44 (0)20 7413 9000 T +44 (0)20 7831 3113 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Land Securities