6th Feb 2007 11:00
Land Securities Group Plc06 February 2007 6 February 2007 LAND SECURITIES GROUP PLC ("Land Securities") Land Securities and Beacon Capital Partners call a halt to One New Change jointventure Land Securities and Beacon Capital Partners have called a halt to their jointventure agreement to take forward the development of the 560,000 sq ft (52,024sq m) retail and office development, One New Change, in London EC4. The Boston-based real estate investment firm had been selected as LandSecurities' joint venture partner on the landmark project in October 2006. OneNew Change was to have been Beacon Capital Partners' first significant Londonproperty development within its new fund. Since then, the partners have been unable to conclude an agreement regardingrisk sharing. Mike Hussey, Land Securities' London Portfolio Managing Director said: "We haveevery confidence in the scheme, are encouraged by leasing enquiries, and arelikely to undertake the development by ourselves." Paul Parkinson, Senior Managing Director of Beacon Capital Partners, said: "Unfortunately Beacon Capital Partners can no longer continue its involvement inOne New Change. It is a challenging scheme with many unique attributes and weare disappointed not to be part of its development. We have established a goodrelationship with Land Securities and will continue to review futureopportunities with them as appropriate." For further info, please contact:Land Securities Group PLC Financial DynamicsMike Hussey / Emma Denne Stephanie HighettT +44 (0)20 7413 9000 T +44 (0)20 7831 3113 Notes to Editors Land Securities Group PLC - London Portfolio Land Securities is the UK's leading real estate investment trust. Half ourmulti-billion pound portfolio is in London, where we own many landmark buildingssuch as the Piccadilly Lights and Westminster City Hall and are developing someof the capital's most innovative mixed-use schemes, such as Cardinal Place,Victoria and New Street Square in mid-town. Land Securities' investmentportfolio also includes around 60 retail parks and shopping centres such as theBullring in Birmingham. We are also one of the leading names in propertyoutsourcing, and through urban community development are involved in long-term,large-scale regeneration projects in the south-east. One New Change, London EC4 One New Change will be the City of London's first purpose built shopping centre.Comprising 220,000 sq ft (20,440 sq m) of retail arranged over three levels, thescheme will incorporate four 25,000 (2,320 sq m) anchor stores. The developmentwill also provide 340,000 sq ft (31,590 sq m) of premier office accommodationand will include an extensive rooftop public space with spectacular views acrossSt Paul's and the wider city. Designed by Jean Nouvel, the 560,000 sq ft (52,024sq m) landmark scheme is expected to become a major visitor attraction andshopping destination for the City of London. The scheme has received aresolution to grant planning consent and Land Securities has started the initialphase of demolition. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Land Securities