British Land Co PLC BLND Two New Office Lettings Secured

  British Land Co PLC (BLND) - Two New Office Lettings Secured

RNS Number : 5075R
British Land Co PLC
20 November 2012


          British Land sign Aspect Capital at 10 Portman Square and

    British Land and Blackstone sign up Hill Dickinson at Broadgate Tower

British Land has announced  the first letting at  its West End development  10 
Portman Square. Investment manager Aspect Capital  will take up 24,520 sq  ft 
of office space on the top two floors of the seven storey building.

10 Portman Square, located in London's West End comprises of 113,000 sq ft  of 
modern office space over  seven floors. The building  features a curved  roof 
providing open terraces to the fifth and seventh floor, while unique floor  to 
ceiling glazing allows natural light to pour in from every direction.

British Land and  Blackstone have  also announced  that global  law firm  Hill 
Dickinson has agreed  to let 32,000  sq ft  of office space  at the  Broadgate 
Tower. The firm has agreed a ten year lease and are set to occupy levels six,
seven and part of level eight of  the 33-storey tower located in the heart  of 
London's financial district.

Headline rents for the deal are £43.50 per sq ft on levels six and seven,  and 
£47.50 per  sq ft  on level  eight. Hill  Dickinson also  has the  option  to 
acquire the remaining 5,400 sq ft of office space on level eight.

The new  letting means  that  the Broadgate  Tower  is now  approximately  92% 
occupied, leaving just over  34,000 sq ft of  vacant space remaining.  Overall 
occupancy at Broadgate is 94.7%. The  35-storey 397,000 sq ft Broadgate  Tower 
is the City's fourth tallest building rising to a height of 165m (540 ft)  and 
offering stunning views across the London skyline.

Tim Roberts, Head of Offices at British Land said: "These lettings continue to
show  British  Land's  ability  to  provide  quality  buildings  that   modern 
businesses want to occupy and is  why our portfolio lets so well.  Broadgate's 
ability to  attract firms  of the  calibre of  Hill Dickinson  reinforces  its 
position as the premier office estate  in the City, offering an appealing  mix 
of first class office space and excellent on site amenities and services.

"In our development programme we have transformed an old building facing  onto 
Baker Street into a  prime location on  Portman Square and  developed it to  a 
high standard.  Aspect  Capital  join  a number  of  other  leading  companies 
securing space in our developments which are now 56 per cent pre-let."

CBRE advised Hill Dickinson in the  transaction, while Jones Lang LaSalle  and 
Knight Frank acted on behalf of British Land and Blackstone.


Investor Relations

Sally                              Jones,                              British 
Land020 7467 2942


Ant Moore, FTI
Consulting020 7269

Sue Brown, FTI
Consulting020 7269

Pip                               Wood,                                British 
Land020 7467 2942

Gordon                            Simpson,                            Finsbury 
Group020 7251 3801

About Broadgate

Situated in the heart of the City  of London's Square Mile, Broadgate is  much 
more than a geographical area.  It's a dynamic, thriving business  community, 
home to  some  of  the  world's  biggest  corporations  and  top  professional 
practices where over  30,000 people  work each  day. There  are five  distinct 
areas that make  up Broadgate;  Broadgate Circle,  Exchange Square,  Broadgate 
Plaza,  Finsbury  Avenue  Square  and  Bishopsgate.  The  squares,  terraces, 
colonnades and piazzas  provide a  perfect setting  for people  to meet,  eat, 
talk, shop, enjoy the entertainment on offer or merely watch the world go by.

About British Land

British Land is one of Europe's largest Real Estate Investment Trusts  (REITs) 
with total assets,  owned or  managed, of  £16.3 billion  (British Land  share 
£10.4 billion),  as valued  at 30  September 2012.  Through our  property  and 
finance expertise we  attract experienced  partners to  create properties  and 
environments which are home to over 1,000 different organisations and  visited 
by over 300  million people each  year. Our property  portfolio is focused  on 
prime retail locations and Central  London offices which attract high  quality 
occupiers committed to long  leases. Our occupancy rate  of 97.3% and  average 
lease length to first break of 11.1  years are among the highest of the  major 

Retail assets account for 60% of our portfolio with around 28million sq ft of
retail space across 82retail  parks, 92superstores, 13shopping centres  and 
9department stores. The retail portfolio  is modern, flexible and  adaptable 
to a wide  range of  formats and our  active asset  management delivers  space 
which is attractive and meets the needs of both retailers and consumers.  80% 
of our retail parks have open A1 consent.

London offices,  located  in  the City  and  West  End, comprise  35%  of  the 
portfolio (which  will rise  to  an estimated  40%  on completion  of  current 
developments).  Our  7  million  sq  ft  of  high  quality  offices  includes 
Broadgate, the premier City  office campus (50% share)  and Regent's Place  in 
the West End. Over the last 2 years, we have committed £1.2billion to create
Central London's  largest committed  office development  programme which  will 
deliver  2.3millionsqft  of  high  quality  space  by  2014,  including   a 
700,000sqft building at 5Broadgate,  the 610,000sqft Leadenhall  Building 
in  London's  insurance  district  and   a  500,000sqft  mixed  office   and 
residential scheme at Regent's Place in the West End.

Managing our environmental, economic and social impacts is central to the  way 
we do business and deliver value  for our shareholders. We assess the  issues 
that matter most to us  and our stakeholders on  an on-going basis and,  where 
appropriate, adjust our strategic focus to reflect this. We focus on managing
our buildings  efficiently,  supporting  communities,  developing  sustainable 
buildings and  engaging  our staff.  For  each  of these  priorities  we  are 
targeting our efforts and  resources at initiatives where  we can achieve  the 
biggest impacts.

Further  details   can   be   found   on   the   British   Land   website   at

                     This information is provided by RNS
           The company news service from the London Stock Exchange


MSCBLBLTMBTBBAT -0- Nov/20/2012 07:01 GMT
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