The British Land Company PLC announces the purchase, for a price in excess of 130 million of the units in The Ropemaker Place Property Unit Trust from Grandbesitz-invest, the German open ended fund advised by DB Real Estate. The Trust owns the freehold interest in Ropemaker Place, an island site of just over one acre fronting Ropemaker Street, London EC2. The site has detailed planning consent for 505,000 square feet of offices.
Bob Bowden, Property Investment Director of British Land commented:
This is a cleared site ready to go. Construction will start later this year for delivery to the market in the first quarter of 2009, which fits in with our forecast timing when we expect City rental growth to put rents significantly higher than today.
This enhances our City development programme where we have under construction The Willis Building (475,000 sq ft) which completes first quarter 2007; Ludgate West (127,000 sq ft) for delivery in November 2007 and 201 Bishopsgate (822,000 sq ft) completing in mid 2008. We also have planning consent for 122 Leadenhall Street of 601,000 sq ft, where we anticipate delivery in mid 2010.
Agents acting for the Vendor were Jones Lang LaSalle.
Source: British Land