C C Land completes acquisition of The Leadenhall Building from British Land and Oxford Properties

C C Land completes acquisition of The Leadenhall Building from British Land and Oxford Properties

 

London, 2017-May-27 — /EPR Retail News/ — British Land and Oxford Properties (the global real estate arm of OMERS, the pension plan for Ontario’s municipal employees) today (25 MAY 2017) 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 £1.15 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.

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 £19.1 billion (British Land share: £13.9 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.

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

Source: British Land

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British Land and Oxford Properties: The Leadenhall Building is now fully let

London, 2016-Jul-12 — /EPR Retail News/ — British Land and Oxford Properties announce today that The Leadenhall Building is fully let.

Current customers Kames Capital, MS Amlin and Rothesay Life have committed to take the last remaining three floors, with two of the three transactions completing since the EU Referendum on 23 June.

Kames Capital, which currently occupies Level 26 and has £58 billion under management, has completed an 11 year lease over 7,000 sq ft on Level 43, the highest remaining available floor in the building.

MS Amlin has taken expansion space on Level 27, which provides 13,000 sq ft of offices. The company signed leases over 93,000 sq ft in 2013 and welcomed 800 staff to its new global headquarters in the summer of 2015.

Rothesay Life, currently resident on Level 25, has agreed to take Level 32 which comprises 11,000 sq ft. The specialist insurer, which is owned by Goldman Sachs, Blackstone, GIC and MassMutual, will occupy a total of 25,000 sq ft across its two floors.

The Leadenhall Building, designed by Rogers Stirk Harbour + Partners, provides 610,000 sq ft of office space over 45 floors and has attracted the highest rents ever paid in the City of London. The building was the winner in the ‘Office Building’ category at New London Architecture Awards earlier this month.

Tim Roberts, Head of Offices and Residential at British Land said: “This is a significant milestone, and underlines that our decision to hold our nerve early in the cycle and attract lettings on the upper floors post-completion was the correct one.

“Moreover, to receive commitments from occupiers so soon after the EU Referendum is not only a tremendous endorsement of the building; it underlines the enduring appeal of London.”

Chris Carter Keall, Vice President and Head of Asset Management at Oxford Properties added: “The letting of these final floors has confirmed the success of our leasing strategy.

“The initial large scale transactions underpinned the development. Post-completion, the focus has been on attracting a broad cross section of occupiers who value service and an active engagement with owner. It is therefore very pleasing to have concluded these transactions with existing occupiers.

“We look forward to continuing to add to the amenity at the building with a new restaurant and retail in 2017.”

About British Land – all figures as at last valuation date of 31 March 2016Notes to Editors

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. We have total assets in the UK, owned or managed, of £20.0 billion (of which British Land share is £14.6 billion) as valued at 31 March 2016. Our properties are home to over 1,200 different organisations ranging from international brands to local start-ups. 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 finance these places effectively.

Retail assets account for 50% 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. We are focused on being the destination of choice for retailers and their customers by being the best provider of spaces and services. Comprising over 20 million sq ft of retail space across multi-lets, superstores, department stores and leisure assets, the retail portfolio is modern, flexible and adaptable to a wide range of formats.

Our Office and Residential portfolio, which accounts for 48% 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 7.5 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).

The remaining 2% of our portfolio is at Canada Water where we have a 46 acre redevelopment opportunity in our medium term pipeline.

Our industry-leading sustainability strategy is a powerful tool to deliver lasting value for all our stakeholders. By supporting communities, improving environments and growing economies, we create Places People Prefer and enhance long term returns.

In April 2016 British Land received the 2016 Queen’s Award for Enterprise: Sustainable Development as part of Her Majesty The Queen’s 90th birthday honours. The Award is the UK’s highest accolade for business success and is given to companies which bring major economic, social and environmental benefits through their own business success. It was awarded to British Land for continuous achievement in all these areas over the last five years.

Further details can be found on the British Land website at www.britishland.com

About Oxford Properties Group
Oxford Properties Group is a global platform for real estate investment, development and management, with over 2,000 employees and C$40bn of real estate assets that it manages for itself and on behalf of its co-owners and investment partners. Established in 1960, Oxford was acquired in 2001 by OMERS, one of Canada’s largest pension funds with over C$78bn in assets. Oxford has regional offices in Toronto, London and New York, each with investment, development and management professionals who have deep real estate expertise and local market insight. Oxford now has approximately C$8bn of assets under management in Europe, with a focus on core office and high street retail assets in Central London and Paris.

For more information about Oxford visit: www.oxfordproperties.com.

Enquiries:
Investor Relations:
Jonathan Rae, British Land
020 7467 2938

Media:
Pip Wood, British Land
020 7467 2838

Sally Saadeh
Oxford Properties
020 7822 2844

Andrew Scorgie
FTI Consulting
020 3727 1458

Source: British land

The tallest building in The City of London “The Leadenhall Building” opens; joint development by British Land and Oxford Properties

LONDON, 2015-10-20 — /EPR Retail News/ — The Duke of Cambridge and Prince Harry were guests of honour today as The Leadenhall Building, the tallest building in The City of London, officially opened for business.

The Duke of Cambridge and Prince Harry admired the views from the building’s 42nd floor, 200 metres above street level, and met senior executives from joint developers British Land and Oxford Properties and members of the construction team, including four apprentices that worked on the project.

They were also presented with a bespoke Lego model of the building, created in tribute to the pioneering techniques employed in its construction whereby 80% of the building, including the 18,000 tonne steel structure, was pre-fabricated before being assembled on site.

The Leadenhall Building, also known as ‘The Cheesegrater’ on account of its distinctive sloping shape which is designed to protect views of St Paul’s Cathedral, is now close to fully occupied. Aon, the world’s largest insurance broker, has relocated its global headquarters from Chicago and recently welcomed 2,000 staff to the building.  The company is joined by specialty insurer Amlin and twelve other companies from a range of industry sectors including the building’s architects, Rogers Stirk Harbour + Partners.

The building comprises 610,000 sq ft (56,670 sq m) of office and retail space over 45 floors and is 90 per cent let, attracting the highest rents ever paid in The City of London. It was recently voted The City of London Building of the Year.

Chris Grigg, Chief Executive at British Land said: “This is a significant milestone for us and our partners Oxford Properties and I would like to thank The Duke of Cambridge and Prince Harry for helping us mark it.

“The decision to develop The Leadenhall Building in 2010 was a bold one; the full impact of the global financial crisis was still unravelling, and The City of London’s position as the world’s leading financial centre was under threat. However, we had confidence that The City would rebound, and resolved to deliver an exceptional building that would attract leading companies from all over the world. I am very proud to say we have achieved that.”

Paul Brundage, Executive Vice President and Senior Managing Director, Oxford Properties Europe, said: “We are honoured to be joined today by The Duke of Cambridge and Prince Harry to mark the final milestone in this incredible project.

“In 2010 Oxford Properties was seeking a development opportunity that would not only demonstrate our commitment to London, but underline our aspiration to become a leading global investor in real estate. The Leadenhall Building was the perfect answer. This is not only a London landmark, it is a building that resonates on the world stage and we are tremendously grateful to all those who have helped deliver it.”

Enquiries:

For additional information on The Leadenhall Building please visit www.theleadenhallbuilding.com

Follow us on Twitter @CheesegraterLDN

Follow us on Instagram: CheesegraterLdn

For additional information and high-res images of the building, please contact:
Andrew Scorgie, FTI Consulting: andrew.scorgie@fticonsulting.com
020 3727 1458
Katharina Marquart, FTI Consulting: katharina.marquart@fticonsulting.com
020 3727 1835

NOTES TO EDITORS

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. We have total assets in the UK, owned or managed of £18.9 billion (of which British Land share is £13.6 billion), as valued at 31 March 2015. Our properties are home to over 1,200 different organisations ranging from international brands to local start-ups. 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 55% 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. 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 22 million sq ft of retail space across shopping parks, superstores, shopping centres, department stores and leisure assets, the retail portfolio is modern, flexible and adaptable to a wide range of formats.

Our Office and Residential portfolio, which accounts for 45% 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 6.7 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 Oxford Properties Group
Oxford Properties Group is a global platform for real estate investment, development and management, with over 2,000 employees and C$34 billion of real assets that it manages for itself and on behalf of its co-owners and investment partners. Established in 1960, Oxford was acquired in 2001 by OMERS, one of Canada’s largest pension funds with over C$72 billion in assets. Oxford has regional offices in Toronto, London and New York, each with investment, development and management professionals who have deep real estate expertise and local market insight. Oxford now has approximately C$7 billion of AUM in Europe, with a focus on core office and high street retail assets in Central London and Paris.

For more information about Oxford visit: www.oxfordproperties.com.

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The tallest building in The City of London “The Leadenhall Building” opens; joint development by British Land and Oxford Properties

The tallest building in The City of London “The Leadenhall Building” opens; joint development by British Land and Oxford Properties

British Land and Oxford Properties announce two new lettings at The Leadenhall Building in London

British Land and Oxford Properties announce today two new lettings at The Leadenhall Building to global energy company Petredec and Fidelis Insurance.

LONDON, 2015-9-16 — /EPR Retail News/ — Petredec, which buys, sells and distributes Liquefied Petroleum Gas, has selected The Leadenhall Building as the location for its European headquarters. The company has signed a ten year lease to occupy 9,970 sq ft on Level 35 of the building.

Fidelis, a global insurance and reinsurance risk carrier, will occupy Level 34 of the building, totalling 10,345 sq ft. The company has signed a ten year lease.

There are now just five floors still available at The Leadenhall Building. Aon and Amlin, which signed pre-lets for 191,000 sq ft and 111,000 sq ft respectively, have this summer completed their phased moves into the building, joining six other companies already in occupation.

Tim Roberts, Head of Offices at British Land, said: “Our strategy to lease the upper floors post-completion has been proved to be the right one, with nearly 200,000 sq ft let since last Summer, and the building achieving record rents for The City of London. These lettings underline The Leadenhall Building’s position as a London landmark in the heart of one of the world’s pre-eminent financial centres.”

Chris Carter Keall, Head of Asset Management at Oxford Properties, said: “The range of floorplates at The Leadenhall Building has given us a clear leasing advantage, and been a major factor in attracting occupiers from a variety of industry sectors, alongside financial services. We have completed 11 lettings since Practical Completion in 2014, which serves to highlight that the decision to commence construction in 2011, has allowed us to deliver an exceptional building into a buoyant occupational market.”

DTZ and JLL advised British Land and Oxford Properties. Ashwell Rogers advised Petredec and Savills advised Fidelis Insurance.

Enquiries:
Investor Relations
Sally Jones, British Land 020 7467 2942
Media
Pip Wood, British Land 020 7467 2838
Sally Saadeh, Oxford Properties 020 7822 2844
Andrew Scorgie, FTI Consulting 020 3727 1458

Notes to Editors

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. We have total assets in the UK, owned or managed of £18.9 billion (of which British Land share is £13.6 billion), as valued at 31 March 2015. Our properties are home to over 1,200 different organisations ranging from international brands to local start-ups. 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 55% 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. 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 22 million sq ft of retail space across shopping parks, superstores, shopping centres, department stores and leisure assets, the retail portfolio is modern, flexible and adaptable to a wide range of formats.

Our Office and Residential portfolio, which accounts for 45% 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 6.7 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 Oxford Properties Group
Oxford Properties Group is a global platform for real estate investment, development and management, with over 1,750 employees and C$34bn of real assets that it manages for itself and on behalf of its co-owners and investment partners. Established in 1960, Oxford was acquired in 2001 by OMERS, one of Canada’s largest pension funds with over C$72bn in assets. Oxford has regional offices in Toronto, London and New York, each with investment, development and management professionals who have deep real estate expertise and local market insight.

For more information about Oxford visit: www.oxfordproperties.com.

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British Land and Oxford Properties announce two new lettings at The Leadenhall Building in London

British Land and Oxford Properties announce two new lettings at The Leadenhall Building in London

British Land and Oxford Properties announce that DRW Trading Group signed an Agreement for Lease at The Leadenhall Building

LONDON, 2015-7-17 — /EPR Retail News/ — British Land and Oxford Properties announce today that DRW Trading Group (“DRW”) has signed an Agreement for Lease at The Leadenhall Building. The building is now nearly 90% let or under offer with just five more floors still available.

DRW is a principal trading organisation headquartered in Chicago, with offices in Montreal, New York, San Francisco and Singapore. The company has chosen to relocate its London operations to The Leadenhall Building.

It is the seventh transaction to complete at the building this year, following commitments from Brit Insurance, Spanish banking group Banco Sabadell, Kames Capital, shipping broker Affinity, IT provider Ipsoft and Rogers Stirk Harbour + Partners, the building’s architects. The Leadenhall Building is already home to such businesses as global serviced office provider Servcorp and specialist pensions insurer Rothesay Life.

Tim Roberts, Head of Offices at British Land, said:
“Since completion, we have seen strong demand for the upper floors of The Leadenhall Building, translating into some standout deals with high calibre occupiers. We look forward to welcoming DRW, and our other confirmed occupiers to the building over the coming months.”

Mike Rayner, Head of Development, Oxford Properties, said:
“The Leadenhall Building is not only one of London’s landmarks, it provides state of the art, highly resilient office accommodation which is essential for a propriety trading business like DRW. We are very pleased they have decided to relocate their European headquarters to the building.”

DTZ and JLL advised British Land and Oxford Properties. Cushman & Wakefield advised DRW.

Enquiries:
Investor Relations
Sally Jones, British Land 020 7467 2942
Media
Pip Wood, British Land 020 7467 2838
Sally Saadeh, Oxford Properties 020 7822 2844
Andrew Scorgie, FTI Consulting 020 3727 1458

Notes to Editors

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. We have total assets in the UK, owned or managed of £18.9 billion (of which British Land share is £13.6 billion), as valued at 31 March 2015. Our properties are home to over 1,200 different organisations ranging from international brands to local start-ups. 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 55% 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. 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 22 million sq ft of retail space across shopping parks, superstores, shopping centres, department stores and leisure assets, the retail portfolio is modern, flexible and adaptable to a wide range of formats.

Our Office and Residential portfolio, which accounts for 45% 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 6.7 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 Oxford Properties Group
Oxford Properties Group is a global platform for real estate investment, development and management, with over 1,750 employees and C$34bn of real assets that it manages for itself and on behalf of its co-owners and investment partners. Established in 1960, Oxford was acquired in 2001 by OMERS, one of Canada’s largest pension funds with over C$72bn in assets. Oxford has regional offices in Toronto, London and New York, each with investment, development and management professionals who have deep real estate expertise and local market insight.

For more information about Oxford visit: www.oxfordproperties.com.

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British Land and Oxford Properties announce that DRW Trading Group signed an Agreement for Lease at The Leadenhall Building

British Land and Oxford Properties announce that DRW Trading Group signed an Agreement for Lease at The Leadenhall Building