BLND British Land Company Plc

LONDON--Development Securities PLC (DSC.LN), a U.K. real estate developer and investor, said Friday it has signed a 12.1 million pound agreement with Aviva Investors and British Land Co PLC (BLND.LN) to terminate its development management contract at Paddington Central.

MAIN FACTS:

-The agreement includes a compensation payment of GBP7.1 million, together with the return of Development Securities' GBP5.0 million of working capital.

-Development Securities shares closed Thursday at 195 pence valuing the company at GBP238.35 million.

-Write to Ian Walker at ian.walker@wsj.com

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