Land Securities Regulatory News (LAND)

5 Jul 2006 08:00

Land Securities Group Plc05 July 2006 5 July 2006 Land Securities Group PLC ("Land Securities") LAND SECURITIES BUYS IN EC3 FOR LANDFLEX Land Securities announces today that it is adding to its Landflex portfolio withthe purchase of 47 Mark Lane, EC3 for £55 million from The Hemingway InvestmentPartnership and Hemingway Capital Limited. The property is a new refurbishment which is due for completion in Septemberthis year. It offers 84,000 sq ft of office accommodation, of which 61,000 sq ftis currently available and will be offered with Landflex leases and 19,000 sq ftof ground floor retail which is fully let to multiple independent retailers. Welcoming the acquisition, Mike Hussey, Managing Director of Land Securities'London Portfolio, commented; "140 Aldersgate Street has demonstrated the strength of demand for the Landflexproduct in the City, and 47 Mark Lane therefore presents us with a furtheropportunity to offer flexible leases on high quality space in this market." Landflex is an integrated accommodation package introduced by Land Securities in2003, which enables occupiers to tailor their business accommodationrequirements to their changing business needs. The Landflex portfolio nowcomprises circa 740,000 sq ft including 140 Aldersgate Street EC1, Empress StateSW6, 7 Soho Square W1 and 40 Eastbourne Terrace W2, which was recently fully letto CB&I John Brown following its recent refurbishment. King Sturge represented Land Securities and Strutt & Parker acted for TheHemingway Investment Partnership and Hemingway Capital Limited. Land Securites has appointed Knight Frank as the office leasing agents. -Ends- For further information please contact: Mike Hussey / Melissa WinsorLand Securities Group PLCTel: +44 (0)20 7413 9000www.landflex.co.uk Stephanie Highett / Dido LaurimoreFinancial DynamicsTel: +44 (0)20 7831 3113 Notes to Editors Landflex Landflex was created by Land Securities following extensive research into theneeds of modern businesses and against the backdrop of the Code of Practice forcommercial leases which requests that landlords offer priced alternatives totheir tenants on a number of aspects of their lease including length, rentreview process and break clauses. Land Securities has ambitions to expand Landflex to some 1.5 million sq ftacross Central London in the medium term. Land Securities Group PLC Land Securities is a FTSE 100 company, quoted on the London Stock Exchange. Ithas been at the forefront of the UK's commercial property industry for over 60years. Today, the Group maintains its market leading position as the UK'slargest quoted property company by providing commercial accommodation andproperty services to a wide range of occupiers. The Group's objective is tocreate attractive and sustainable returns for its shareholders through itsactivities, which include property investment, development and propertyoutsourcing. Land Securities holds a market leading position in three areas of the UKcommercial property market: • Retail, • London offices and • Property outsourcing. Its £12.9 billion combined investment portfolio includes over 10 million sq feetof office and retail space in Central London and 30 shopping centres and 30retail parks located across the UK. It has a substantial development programme with a number of development projectsincluding major retail-led urban regeneration schemes and Central Londonmixed-use developments. The Group is also master planning one of Europe'slargest regeneration schemes in Kent Thameside. The Group leads the market in property outsourcing where, through LandSecurities Trillium, it provides accommodation and property-related services tothe Department for Work and Pensions, the BBC, Norwich Union, Barclays Bank,DVLA and through a joint venture, Telereal, to BT. For more information on Land Securities visit www.landsecurities.com This information is provided by RNS The company news service from the London Stock Exchange