11th Oct 2006 07:00
Land Securities Group Plc11 October 2006 11 October 2006 Land Securities Group PLC ("Land Securities" / "the Group") LAND SECURITIES SELECTS EQUITY PARTNER FOR £500 MILLION CITY SCHEME Land Securities confirmed today that an affiliate of Boston-based real estateinvestment firm, Beacon Capital Partners LLC, is to be its joint venture partneron the development of One New Change, London EC4. Beacon Capital Partners is entering into a 50:50 joint venture with LandSecurities for the £500 million project, which was granted detailed planningconsent from the City Corporation of London earlier this year. Designed by Jean Nouvel, the 560,000 sq ft (52,024 sq m) landmark retail andoffice development will occupy a high profile site to the east of St Paul'sCathedral, and is expected to become a major visitor attraction and shoppingdestination for the City of London. Comprising 220,000 sq ft (20,440 sq m) of retail arranged over three levels, andincorporating four 25,000 sq ft (2,320 sq m) anchor stores, One New Change willbe the City's first purpose-built shopping centre. The development will alsoprovide 340,000 sq ft (31,590 sq m) of premier office accommodation and willinclude an extensive rooftop public space with spectacular views across StPaul's and the wider city. Richard Linnell, Head of Investment Management - London Portfolio at LandSecurities, said: "We selected Beacon Capital Partners on the basis of theirsuitability from an initial list of 12. Beacon has an extensive track record inmixed-use development and understands the issues involved in delivering highprofile projects. We are looking forward to working with Beacon on thisprestigious scheme and are confident that they will be an excellent partner." Paul Parkinson, Senior Managing Director of Beacon Capital Partners, said: "Weare delighted to be working with Land Securities, one of the premier developersin Central London and a business that shares the common aim of excellence inhigh quality and innovative design delivered with financial acumen. One NewChange will be the first significant London development property within our newFund, Beacon Capital Strategic Partners IV. The project fits with our 'value-added' investment strategy which focuses on our European target markets inLondon and Paris." Land Securities was advised by Strutt & Parker. For further information please contact: Land Securities Group PLC Financial DynamicsEmma Denne Stephanie Highett/Dido LaurimoreTel: +44 (0)20 7413 9000 Tel: +44 (0)20 7831 3113 Notes to Editors 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 over 60years. 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, owning and managing 6.5 million sq m ofproperty across the UK. The Group's objective is to create attractive and sustainable returns for itsshareholders 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, • London offices and • Property outsourcing. The £12.9 billion investment portfolio includes office and retail space inCentral London, 30 shopping centres, 30 retail parks and 10 supermarketproperties located across the UK. It has a substantial development programme including major retail-led urbanregeneration schemes and Central London mixed-use developments. The Group isalso masterplanning one of Europe's largest regeneration schemes in KentThameside. The Group leads the market in property outsourcing where, through LandSecurities Trillium, it provides accommodation and property-related services tothe Department for Work and Pensions, Norwich Union, Barclays Bank, DVLA andthrough Telereal to BT. The Group is committed to environmental initiatives and community involvementrecognised by the Group's inclusion in the FTSE4Good Index and the Dow JonesSustainability Index and the awarding of a 'Big Tick' by BiTC. For more information on Land Securities visit www.landsecurities.com Beacon Capital Partners Beacon Capital Partners, LLC is a real estate investment firm headquartered inBoston with offices in Los Angeles, New York, Paris and London. Beacon has beeninvolved in real estate activities for over 60 years, with an establishedreputation as a high quality owner and developer of office and mixed useproduct. Beacon was formed in 1998 following the merger of its predecessorcompany Beacon Properties Corporation with Equity Office Properties. Since its inception in 1998, Beacon Capital Partners has sponsored fiveinvestment vehicles representing over $4.5 billion aggregate equity capital fromvarious endowments, foundations and pension funds. The Company's most recentFund, Beacon Capital Strategic Partners IV, is the largest office focusedprivate equity fund in the US, with $2 billion of committed equity capital. For more information on Beacon Capital Partners visit www.beaconcapital.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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