17th Jan 2006 10:16
British Land Co PLC17 January 2006 17 January 2006 BRITISH LAND SELLS LEGAL & GENERAL HOUSE, KINGSWOOD, SURREY A subsidiary of The British Land Company PLC ("British Land") has sold forapproximately £73.6M the investment vehicle which held its interest in thisproperty. The property is let in its entirety to Legal & General Assurance Society Ltd.for a 20 year term from August 2005 with 5 yearly rent reviews. It comprises awell located and impressive headquarters complex with circa. 259,000 sq. ft. ofoffices set in 43 acres and within 5 miles of Junction 8 of the M25. The marketing of the investment produced considerable domestic and internationalinterest and has been acquired from British Land by Kingswood Property Holdings,with funding from The Royal Bank of Scotland plc. The sale price, above bookvalue, reflects an initial yield to the purchasers of 3.9%, rising to 5.62% inApril 2008. Colliers CRE and Smee Associates acted for the vendor, advised by NabarroNathanson. DTZ Debenhams Tie Leung represented the purchaser, with legal advicefrom Clifford Chance LLP. Carey Olsen advised on Jersey aspects of thetransaction. Bob Bowden, British Land's Property Investment Director, commented: "The salefollows on from our successful regear of the lease with Legal & General. Thishas created an investment of bond--like characteristics and allowed theopportunity to take advantage of the very strong investment market to realise anexceptional sale price and recycle capital into projects with better prospectsgoing forward". Contacts The British Land Company PLC:Bob Bowden 020 7467 2892John Weston Smith 020 7467 2899 Finsbury:Ed Orlebar 020 7251 3801 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
British Land