Great Portland Estates PLC GPE secures major office pre-let at 160 Old St (9430Y)
December 11 2017 - 3:33AM
UK Regulatory
TIDMGPOR
RNS Number : 9430Y
Great Portland Estates PLC
11 December 2017
11 December 2017
GPE secures major office pre-let at 160 Old Street, EC1
The Great Ropemaker Partnership ("GRP"), a 50:50 joint venture
between Great Portland Estates plc ("GPE") and Ropemaker Properties
(the property nominee of the BP Pension Fund), announces that it
has pre-let 98,100 sq ft in its new development at 160 Old Street,
EC1 to Turner Broadcasting System Europe Limited ("Turner").
The UK based operation of Turner, the global entertainment,
sports and news subsidiary of Time Warner, will occupy the lower
ground to third floor of the building on four separate fifteen year
leases. Turner will pay a rent in line with the September 2017 ERV
and a market consistent incentive package. The ground and lower
ground floors represent 35% of the area of the pre-let.
In addition, GRP has granted Turner options (until March 2018)
to either lease an additional c.12,600 sq ft, or to lease the whole
18,430 sq ft, on the fourth floor at a predetermined rent. Turner
also have an option to hand back c.8,200 sq ft on the third
floor.
160 Old Street will provide 155,000 sq ft of high quality
offices and 6,700 sq ft of retail and restaurant space, with
completion scheduled for March 2018. 63% of the offices are now
pre-let, leaving c.56,900 sq ft available on the fourth to eighth
floors of the building.
Commenting on the letting, Toby Courtauld, Chief Executive at
GPE said, "We are excited to be working with Turner to create their
new London headquarters at 160 Old Street. This pre-letting to such
a significant global company is a strong endorsement of the quality
of our development, securing 58% of the gross development value
four months ahead of completion."
Giorgio Stock, president of Turner EMEA, commented "This is an
exciting move for us putting us at the heart of a vibrant community
from which we will continue to operate our growing media
businesses."
Contacts:
Great Portland Estates plc
Toby Courtauld, Chief Executive +44 (0) 20 7647 3042
Marc Wilder, Leasing Director +44 (0) 20 7647 3040
Finsbury Group
James Murgatroyd +44 (0) 20 7251 3801
Gordon Simpson +44 (0) 20 7251 3801
This information is provided by RNS
The company news service from the London Stock Exchange
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