23rd Mar 2005 15:00
Land Securities Group Plc23 March 2005 23 March 2005 LAND SECURITIES GROUP PLC ("Land Securities" / "Group") BBC White City Land Securities Group PLC announces that Land Securities Trillium has completedthe sale of its interest in Media Village, White City to facilitate an assetbacked bond issue by a new landlord that will provide the BBC with a lower costof occupation given the favourable bond markets. The property was sold for just over £340 million with proceeds of £321.5 millionbeing received by Land Securities Trillium. The balance of the sale proceedshas been paid to the BBC in respect to a payment due to the BBC for its carriedinterest in the site. As a result of the sale the unitary charge paid to LandSecurities Trillium will reduce by some £26 million per annum. Following completion of the sale, the BBC and Land Securities Trillium areworking together to review the revised structure of the contract and the currentfacilities management services provided to the BBC across its London andScottish Estates. Land Securities Trillium will continue to manage, underseparate agreements with Land Securities, the BBC developments at BroadcastingHouse, London W1 and Pacific Quays, Glasgow. Commenting on the transaction, Ian Ellis, Chief Executive, Land SecuritiesTrillium, said, "The strength of the property outsourcing solution is our ability to work withour partners to refine and review contracts as they progress. With strongfunding markets and a successfully completed project it made perfect sense tosell Media Village to the benefit of the BBC and us. We recycle our capitalefficiently while the BBC achieves a lower cost of occupation in the newstate-of-the art broadcast facility which we developed on time and to budget." - Ends - For further information, please contact: Land Securities TrilliumIan EllisTel: +44 (0)20 7796 5500 Land SecuritiesEmma DenneTel: +44 (0)20 7024 5460 Financial DynamicsStephanie Highett/Dido LaurimoreTel: +44 (0)20 7831 3113 Editors notes Land Securities Trillium Land Securities Trillium, part of the Land Securities Group, is one of the UK'sleading providers of property outsourcing solutions. Capital, estate strategy,property management, facilities management and risk management services arecombined to meet the particular needs of corporate and public sectororganisations. Land Securities Trillium currently owns or manages over 8,400properties throughout the UK. Clients include the Department for Work andPensions, the BBC, BT, Norwich Union and Barclays Bank. Land Securities Group PLC Land Securities Group ("Land Securities" / "Group") is a FTSE 100 company,quoted on the London Stock Exchange. It has been at the forefront of the UK'scommercial property industry for over 60 years. Today, the Group maintains itsmarket leading position as the UK's largest quoted property company by providingcommercial accommodation and property services to a wide range of occupiers.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 • Central London offices and • Property outsourcing. Its £8.9 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:
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