Land Securities announces that its property outsourcing business, Land Securities Trillium, has expanded its contract with Barclays Bank. Under the terms of the extension, Land Securities Trillium will assume responsibility for 16 properties, located across the UK, totalling 6,347 m² of accommodation.
These are short leasehold properties that are surplus to Barclays' requirements and are largely vacant as a result of its property rationalisation. Barclays will make a capped payment to reflect the letting risk and Land Securities Trillium will assume responsibility for all future benefits and liabilities relating to the transferred interests.
Ian Ellis, Chief Executive of Land Securities Trillium, commented: "We are delighted to build on the success of our existing relationship with Barclays Bank. One of the major benefits of our outsourcing contracts is their inherent flexibility and their ability to evolve or grow to keep pace with our clients' changing business needs, as this contract expansion clearly demonstrates."
Chris Davies, Barclays Bank's Group Property Director, said: "We are pleased to be expanding our long-term property outsourcing agreement with Land Securities Trillium. The transfer of these properties removes the management burden associated with surplus properties, whilst achieving cost certainty. Land Securities Trillium continues to support our property and business needs."
Source: Land Securities