British Land Co PLC BL & GIC complete 100% sale of 5 Broadgate (3937R)
14 June 2018 - 6:57PM
UK Regulatory
TIDMBLND
RNS Number : 3937R
British Land Co PLC
14 June 2018
British Land and GIC complete the sale of 100% of 5 Broadgate to
CK Asset Holdings for GBP1bn
14 June 2018
British Land and GIC are pleased to announce that they have
completed on the sale of 100% of 5 Broadgate to a wholly-owned
indirect subsidiary of CK Asset Holdings Limited for GBP1 billion,
which is in line with 31 March 2018 valuation.
This transaction reflects British Land's consistent strategy of
realising value from completed and well-let properties. British
Land and its then joint venture partner committed to the
development of 5 Broadgate in 2012 to house UBS's global investment
banking business. The building, which was completed in 2015,
generated a total property return of 18% per annum for British
Land, and was a significant catalyst for the further development of
Broadgate now underway.
We are currently on site with 1 million sq ft of developments
across the campus, and have continued to make good progress on our
leasing, with more than 30% of the ERV now pre-let or under offer.
A significant amount of the space being developed will be retail
and leisure; following key lettings to Eataly and Everyman Cinemas,
marketing of this space has just begun and already we are seeing
strong interest from a range of operators.
Tim Roberts, Head of Offices, British Land, said: "This
transaction is the latest example of how our strategy is creating
value. We delivered a modern, truly distinctive building for UBS,
located at the heart of our largest central London campus, adjacent
to the forthcoming Crossrail station. We have now taken the
opportunity to realise value and reallocate capital across a range
of projects, and uses, to deliver the best value for our
shareholders.
We remain committed to Broadgate and are making excellent
progress on our vision to develop and enhance the campus to create
a truly world-class, mixed use central London destination. We are
delighted to have found such a high profile and respected investor
who shares our long-term plans for the campus."
Gerald Ma, Member of Executive Committee of CK Asset Holdings,
said: "5 Broadgate is a great quality asset with a high quality
tenant, and we are delighted with this investment. We are also very
pleased to become a partner of British Land and GIC and share their
long term vision for the entire Broadgate campus."
5 Broadgate was designed by architectural practice Make and is a
distinctive building which covers more than 700,000 sq ft. net
internal area with capacity for 5,000 people across its 12 floors.
It is rated Excellent by BREEAM and carbon emissions are 65% lower
than the previous two buildings on the site. UBS are committed to
the building until 2035.
Enquiries:
Investor Relations
David Walker, British Land 020 7467 3418
Media
Charlotte Whitley, British Land 020 7467 2933
Guy Lamming & Gordon Simpson, Finsbury Group 020 7251 3801
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END
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