Strategic Partnership for Broadgate

The British Land Company has exchanged contracts to form a £2.13 billion Joint Venture with the Blackstone Group L.P. for its holdings in Broadgate, the 30 acre City of London office estate.

The transaction is subject to shareholder and certain regulatory approvals and is expected to complete in October 2009. A Circular and Notice of General Meeting for approval of the transaction was published on 23 September 2009. The General Meeting to approve the transaction was held and approved by shareholders on 8 October 2009.

The key benefits for shareholders include:

• Improves the balance of our portfolio
• Better risk profile
• Reduces potential capital expenditure requirements
• Strong JV partnership will enhance opportunities to develop and maximise returns from Broadgate
• Substantially increases our capacity to seize new investment opportunities
  

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