British Land Co PLC Completion of sale of The Leadenhall Building (2689G)
25 May 2017 - 11:34PM
UK Regulatory
TIDMBLND
RNS Number : 2689G
British Land Co PLC
25 May 2017
British Land and Oxford Properties complete the sale of The
Leadenhall Building to C C Land
25 May 2017
British Land and Oxford Properties (the global real estate arm
of OMERS, the pension plan for Ontario's municipal employees) today
announce that they have completed the sale of The Leadenhall
Building to C C Land.
The terms of the transaction are as set out in the press release
issued on 1 March 2017 announcing the exchange of contracts. The
sale was conditional on C C Land obtaining shareholder approval for
the transaction. This was obtained at a Special General Meeting of
C C Land's shareholders on 18 May 2017.
British Land and Oxford Properties owned The Leadenhall Building
in a 50/50 joint venture formed in 2010. The headline price
achieved of GBP1.15 billion represents a premium to the valuation
preceeding exchange of contracts. The sale marks the end of a very
successful partnership between British Land and Oxford Properties
to develop and lease this world class building.
British Land and Oxford Properties were advised by Cushman &
Wakefield, Eastdil Secured, Mayer Brown and Herbert Smith
Freehills.
ENDS
Enquiries
British Land
Investor Relations:
Jonathan Rae, British Land 020 7467 2938
Media:
Pip Wood, British Land 020 7467 2838
Guy Lamming, Finsbury Group 020 7251 3801
Gordon Simpson, Finsbury Group 020 7251 3801
Oxford Properties
Media:
Sally Saadeh, Oxford Properties 020 7822 2844
Neil Maitland, Maitland 020 7379 5151
About British Land
Our portfolio of high quality UK commercial property is focused
on Retail around the UK and London Offices. We own or manage a
portfolio valued at GBP19.1 billion (British Land share: GBP13.9
billion) as at 31 March 2017 making us one of Europe's largest
listed real estate investment companies.
Our strategy is to provide places which meet the needs of our
customers and respond to changing lifestyles - Places People
Prefer. We do this by creating great environments both inside and
outside our buildings and use our scale and placemaking skills to
enhance and enliven them. This expands their appeal to a broader
range of occupiers, creating enduring demand and driving
sustainable, long term performance.
Our Retail portfolio is focused on Regional and Local multi-let
centres, and accounts for 48% of our portfolio. Our Offices
portfolio comprises three office-led campuses in central London as
well as high quality standalone buildings and accounts for 49% of
our portfolio. Increasingly our focus is on providing a mix of uses
and this is most evident at Canada Water, our 46 acre redevelopment
opportunity where we have plans to create a new neighbourhood for
London.
Sustainability is embedded throughout our business. Our places,
which are designed to meet high sustainability standards, become
part of local communities, provide opportunities for skills
development and employment and promote wellbeing. Our
industry-leading sustainability performance led to British Land
being named a European Sector Leader in the 2016 Global Real Estate
Sustainability Benchmark for the third year running.
In April 2016 British Land received the Queen's Award for
Enterprise: Sustainable Development, the UK's highest accolade for
business success for economic, social and environmental benefits
achievements over a period of five years.
Further details can be found on the British Land website at
www.britishland.com
About Oxford Properties Group
Oxford Properties Group is one of the world's premier real
estate investment, development and management companies.
Established in 1960, Oxford manages over C$40 billion of real
estate assets on behalf of its co-owners and investment partners,
with a global portfolio spanning over 60 million square feet. We
have offices across Canada and in London, Luxembourg, Boston,
Washington DC and New York, with regional investment, development
and management professionals who have deep real estate expertise
and local market insight. Oxford now has approximately C$7bn of
assets under management in Europe, with a focus on core office and
high street retail assets in Central London and Paris. Oxford is
the global real estate arm of OMERS, the pension plan for Ontario's
municipal employees.
For more information about Oxford visit:
www.oxfordproperties.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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