17th Nov 2005 10:00
British Land Co PLC17 November 2005 17 November 2005 British Land Sells 1 Fleet Place EC4 After Restructuring Lease British Land has completed the profitable sale of the 999 year lease of 1 FleetPlace, Ludgate, London EC4 for £119.5 million to the Legal & General AssuranceSociety. British Land had restructured the lease to the principal tenant, DentonWilde Sapte, for a term of 20 years without break at an average office rent of£36 per sq ft. The price shows an initial yield to the purchaser after fullacquisition costs of 5%. Bob Bowden, Property Investment Director of British Land, commented: "We are delighted with this price which resulted from strong competition from anumber of potential purchasers and the sale is simply a matter of taking profitsafter a beneficial lease renegotiation and allowing us to recycle capital intoother City projects." Mark Creedy of Legal & General commented: "Our Linked Life Fund has been growing strongly and was underexposed to theCentral London office market. 1 Fleet Place is a modern well-let building withattractive income growth potential when rent reviews occur in 2008." Contacts The British Land Company PLC:Robert Bowden tel: 0207 467 2892John Weston Smith tel: 0207 467 2899 Finsbury:Edward Orlebar tel: 0207 251 3801 Legal & General Property Ltd:Mark Creedy tel. 0207 528 6996 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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