1st Aug 2006 14:32
British Land Co PLC01 August 2006 1 August 2006 Matterhorn Capital agrees on British Land HQ in Regent's Park Property company Matterhorn Capital has agreed to acquire the headquarters ofThe British Land Company PLC in Regent's Park for £50.5 million. Co-founded in 2005 by Anthony Lyons and Simon Conway, majority shareholders inthe Earls Court and Olympia Group, Matterhorn Capital intends to invest afurther £35 million converting the buildings 2-12 and 20-21 Cornwall Terraceinto a collection of exclusive luxury houses. Matterhorn Capital will restore the buildings to their former glory withconservation specialists and architects who understand the unique nature ofRegency property, resulting in exclusive central London homes suiting the needsand tastes of the new breed of international buyer whilst retaining originalfeatures and character. Applications for the consents required to begin the restoration will be madebefore the end of 2006. Simon Conway, Chief Operating Officer of Matterhorn Capital, said theacquisition was a sign of the company's intent to develop its presence in thehigh-end residential property sector in the UK. "London is attractingsignificant demand for up-market residential property offering a 'turn-key'product in well known locations. To be able to develop properties in Regent'sPark is a unique and prestigious opportunity for Matterhorn Capital." Mike Gunston, British Land's Chief Surveyor, said: "We are delighted to haveagreed a deal which has delivered a profit to the company on these assets. Ourrelocation to new, open-plan head offices at York House, Marble Arch, is ontrack for March next year." British Land was advised by Knight Frank and solicitors SJ Berwin. The purchasers were advised by Nick Doffman at Mishcon de Reya. Contacts Matterhorn Capital:Jeremy Probert, Director of Communications Tel: 020 7370 8037, 0777 333 [email protected] The British Land Company PLC:Laura De Vere, Director of Corporate Communications Tel: 020 7467 [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
British Land