19th Jan 2005 08:00
Land Securities Group Plc19 January 2005 19 January 2005 LAND SECURITIES GROUP PLC ("Land Securities") Land Securities completes City of London property deal with DrKW Land Securities and Dresdner Kleinwort Wasserstein ("DrKW"), the investmentbank, have completed the property transaction under which DrKW will take a leaseat 30 Gresham Street, London EC2, Land Securities' newly developed building inthe City of London. DrKW will surrender its current portfolio of office spacein and around 20 Fenchurch Street, London EC3. It is expected that DrKW willrelocate into the new building in early 2006. The key terms of the 30 Gresham Street lease are: • A lease over 388,726 sq ft (36,112 sq m) of accommodation, comprisingthe entire office space in the building • A lease term of 24 years with reviews in 2008 and every five yearsthereafter • The rent will be reviewed to open market on an upward only basis • DrKW will have the benefit of put options on three floors in September2008, 2013 and 2018. The Fenchurch Street Estate • DrKW will surrender all their interests in the Fenchurch Street Estate • DrKW will transfer their part freehold interest in the FenchurchStreet Estate to Land Securities • Should Land Securities redevelop, sell or assign the Fenchurch StreetEstate, DrKW will receive an overage payment following practical completion orcompletion linked to a formula. Commenting on the transaction, Mike Hussey, Managing Director, London Portfoliosaid "We are very pleased to have concluded our negotiations with DrKW - we arenow pressing ahead with our pre-letting campaigns for Bankside123 and New StreetSquare as well as progressing our development at 120 Cheapside for 181,000 sq ft(16,814 sq m) of new office and retail accommodation." - ends - For further information please contact - Land SecuritiesMike Hussey/Emma DenneTel: 020 7413 9000 Financial DynamicsStephanie Highett/Dido LaurimoreTel: 020 7831 3113 Note to Editors 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 Securities