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Property Review

Principal Investment Portfolios

Central London Offices

The Broadgate Centre, London EC2 >
Plantation Place, London EC3 >
Regent's Place, London NW1 >

The Broadgate Centre, London EC2

Value £2,838m 372,000 sq m (4m sq ft) office, retail and leisure accommodation 12 hectare (30 acre) site Adjoins Liverpool Street station (mainline and underground) Distinctive environment for some of the world’s largest corporations and leading professional practices Approximately 30,000 employees based at Broadgate Community website: www.vicinitee.com   Freehold/virtual freehold 100% owned Rent passing £150.9m pa Average office passing rent £46.75 per sq ft Weighted average lease term including breaks 11.8 years, to expiry 13.9 years

Tenants include: ABN AMRO Holdings Allianz Dresdner Ambac Ashurst Bank of Scotland Barclays Bank Baring Investment Services Calyon Deutsche Bank European Bank for Reconstruction & Development (EBRD) F&C Management Henderson Administration Herbert Smith ICAP Lehman Brothers Norinchukin Prebon Marshall Yamane Royal Bank of Scotland Société Générale Sumitomo Trust Tokyo Mitsubishi UBS Western Asset Management Williams de Bröe The Broadgate Club

Broadgate is the premier City of London office estate. We have continued to invest in the development of the Estate. Works to enhance the public spaces providing new landscaped areas, retail amenities, improved lighting and signage are complete and the completion of 10 Exchange Square during the year has added a further 15,180 sq m (163,400 sq ft) to the Estate. As for all other buildings at Broadgate, its frame and mechanical and electrical services are designed to permit ongoing flexible updating of tenants’ space as technology and operating requirements change.

Broadgate Estates Limited, a wholly owned subsidiary of British Land, manages the estate and maintains the external and common areas.

During the course of the year lease agreements were completed on a total of 13,100 sq m (141,000 sq ft) of office accommodation with Ambac in 6 Broadgate, Bank of Scotland in 155 Bishopsgate, F&C Management in Exchange House and with Western Asset and Herbert Smith in 10 Exchange Square. In addition, a further 740 sq m (8,000 sq ft) of retail accommodation has been agreed for letting to Monsoon and Gaucho Grill, complementing the retail and leisure facilities already available at Broadgate. The total rent passing of £150.9 million per annum has fallen by £0.8 million over last year, principally as a result of a rent free period granted as part of a lease renewal negotiation. Total rent reverts to £177.3 million per annum after expiry of EBRD’s nil rent period in November 2006, upon rent reviews (with minimum uplifts) and upon expiry of rent free periods in respect of recent lettings.