British Land Co PLC Sale of 52 Poland Street
August 20 2014 - 2:01AM
RNS Non-Regulatory
TIDMBLND
British Land Co PLC
20 August 2014
20 August 2014
British Land announces the sale of 52 Poland Street
British Land announces today that it has exchanged on the sale
of 52 Poland Street, to Amazon Property for GBP26 million
reflecting a capital value of nearly GBP1,300psf.
52 Poland Street is a 20,500 sq ft multi-let building over
basement, ground and seven upper office floors. The total passing
rent of GBP693,373 equates to GBP33.84 psf. The ground and basement
floors are occupied by Yo! Sushi and Lucky Voice karaoke bar.
Located in Soho, the building is 300 metres from the new
Crossrail Station at Tottenham Court, and a short walk from Oxford
Street. Amazon Property in a JV will acquire the freehold of the
building at 51% ahead of the March 2014 book value, at a Net
Initial Yield of 2.5%.
Tim Roberts, Head of Offices, British Landsaid: "The expiry
profile at 52 Poland Street means there is potential for vacant
possession of upper parts in June 2015. The site attracted very
strong interest, reflecting the strength and depth of the WE
investment market. It is an opportune time to sell and focus on
projects elsewhere in our portfolio."
Chris Lanitis, Partner, Amazon Property said "This is a
strategic acquisition to add to our growing portfolio in an area
where we see considerable growth prospects"
CBRE and Irwin Mitchell advised British Land. Amazon Property
was unrepresented.
Enquiries:
Investor Relations
Sally Jones, British Land 020 7467 2942
Media
Andrew Scorgie, FTI Consulting 020 3727 1458
Pip Wood, British Land 020 7467 2942
About British Land
We are one of Europe's largest publicly listed real estate
companies. We own, manage, develop and finance a portfolio of high
quality commercial property, focused on retail locations around the
UK and London Offices & Residential. We have total assets in
the UK, owned or managed of GBP17.6 billion (British Land share of
which is GBP11.9 billion), as valued at 31 March 2014. Our
properties are home to over 1,000 different organisations and
receive over 300 million visits each year. Our objective is to
deliver long-term and sustainable total returns to our shareholders
and we do this by focusing on Places People Prefer. People have a
choice where they work, shop and live and we aim to create
outstanding places which make a positive difference to people's
everyday lives. Our customer orientation enables us to develop a
deep understanding of the people who use our places. We employ a
lean team of experts, who have the skills to translate this
understanding into creating the right places, and we have an
efficient capital structure which is able to effectively finance
these places.
UK Retail assets account for 53% (pro forma for developments at
estimated end value) of our portfolio. As the UK's largest listed
owner and manager of retail space, our portfolio is well matched to
the different ways people shop today, from major regional shopping
centres to single occupier locations. We are focused on being the
destination of choice for retailers and their customers by being
the best provider of spaces and services. Comprising around 25
million sq ft of retail space across 63 retail parks, 82
superstores, 14 shopping centres, 12 department stores and 77
leisure assets, the retail portfolio is modern, flexible and
adaptable to a wide range of formats.
Our Office and Residential portfolio, which accounts for 47%
(pro forma for developments at estimated end value) of our
portfolio is focused on London. We have an attractive mix of
high--quality buildings in well--managed environments and a
pipeline of development projects which will add significantly to
our portfolio. Increasingly, our offices are in mixed-use
environments which include retail and residential elements. Our 7.3
million sq ft of high quality office space includes Regent's Place
and Paddington Central in the West End and Broadgate, the premier
City office campus (50% share).
Our size and substance demands a responsible approach to
business. We believe leadership on issues such as sustainability
helps drive our performance and is core to the delivery of our
overall objective of driving shareholder value and creating Places
People Prefer.
Further details can be found on the British Land website at
www.britishland.com
About Amazon Property
Amazon Property is a multi-disciplinary investment and
development group, with an impressive track record in the real
estate sectors, in particular the prime central London luxury
residential market. To date Amazon Property has acquired well in
excess of 2 million square feet comprising investments,
developments and trading assets. Amazon Property specialises in
transforming once office/commercial spaces into stunning luxury
apartments all across Zone 1.
The company currently has a development pipeline of circa
GBP800million in GDV over 15 projects.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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