British Land Company PLC

British Land's share

£0.9 billion

Total value £1.2 billion

Major tenants:

Argos, Asda, Debenhams, House of Fraser, Marks & Spencer, Miss Selfridge, New Look, Next, Primark, River Island, Sainsbury's, Somerfield, TK Maxx, Topshop

• Predominantly freehold
• Rent passing, British Land's share £69 million pa
• Weighted average lease term including breaks 21.0 years, to expiry 22.5 years

This portfolio includes shopping centres and department stores in selected locations in major towns and cities.

Eastgate Shopping Centre, Basildon
The Eastgate Centre provides the prime retail offer for Basildon town centre comprising 700,000 sq ft of retail space on two trading levels, 127,000 sq ft of offices and a 2,000 space multi-storey car park.

The centre is anchored by Asda and Debenhams.

A comprehensive refurbishment of the centre was completed in January 2008 which provides a contemporary shopping environment including new and expanded customer facilities.

Bon Accord and St Nicholas Centres, Aberdeen
The Bon Accord and St Nicholas Centres are owned by the Scottish Retail Property Limited Partnership, a joint venture with Land Securities.

Anchored by John Lewis, the centres provide the critical mass for the best shopping in the city, with over 80 retail units, leisure and office facilities. A new 54,000 sq ft store for Next is being fitted out, which is due to open in Autumn 2009. A new Fashion Hub has also been created, with lettings to Coast, Karen Millen, Oasis, River Island, Topshop and Warehouse. A refurbishment of the St Nicholas Centre was completed in March 2009, providing a contemporary shopping environment.

St Stephen's, Hull
The scheme consists of a Tesco superstore of 147,000 sq ft, a covered street providing approximately 325,000 sq ft of retail accommodation in 35 units and kiosks, plus leisure uses totalling 85,000 sq ft, including a seven screen cinema. In addition there is a 128-bedroom, three-star hotel and car parking for around 1,500 cars. The tenant line-up includes Argos, H&M, New Look, Next, River Island, TK Maxx, Topshop and Zara.

Department Stores
We are investors in 29 department stores, 18 owned directly and 11 owned within the BL Fraser joint venture.

Of those owned directly, 17 are subject to leaseback to Debenhams for a minimum of 25 years unexpired. In total these comprise 2.6 million sq ft in locations including the flagship store in London's Oxford Street (366,700 sq ft); Market Street, Manchester (466,000 sq ft) and St Davids, Cardiff (140,000 sq ft). The total gross annual rent passing is £27.1 million. The leases provide for minimum 2.5% per annum rental increases and five-yearly open market reviews from 2019 onwards.

The 11 stores within the BL Fraser joint venture comprise a total of approximately 1,460,000 sq ft in locations including Cardiff, Plymouth and Chichester. All are let on leases to House of Fraser with approximately 30 years unexpired. The aggregate rent passing of approximately £11.7 million per annum is subject to open market review in 2009, when a minimum increase based on 3% per annum applies, and five-yearly thereafter.

Separately but on similar lease terms, we own the 500,000 sq ft House of Fraser store in Corporation Street, Birmingham.

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