British Land Company Plc · LSE:BLND
British Land — Investor Day (February 2024)
44 slides from British Land's investor day presentation, Feb 6, 2024
Slide 1: Science & Technology Investor Seminar
6 FEBRUARY 2024 I N V E S TO R S E M I N A R S C I E N C E & T E C H N O LO GY
Slide 2: Introduction
I N T R O D U CT I O N SIMON CARTER, BRITISH LAND Chief Executive Officer Regent’s Place S C IE N C E & T E C H N O L O G Y I N V E S T O R S E M I N A R | 6 F E B R U A R Y 2 0 2 4 PG.2
Slide 3: Agenda
AG E N DA Introduction Simon Carter The Knowledge Quarter Professor Geraint Rees, UCL Science & Technology Mike Wiseman Regent’s Place Amy Hockley Panel: London’s potential in Science & Chaired by Lynn Gladden Technology Q&A Simon Carter Regent’s Place Tour of Regent’s Place S C IE N C E & T E C H N
Slide 4: Science & Technology: Key Takeaways
SCIENCE & TECHNOLOGY: KEY TAKEAWAYS RIGHT REAL ESTATE, KEY ELEMENT OF OUR BROAD AND FAST LOCATIONS AND CAMPUS STRATEGY GROWING SECTOR CAPABILITIES S C IE N C E & T E C H N O L O G Y I N V E S T O R S E M I N A R | 6 F E B R U A R Y 2 0 2 4 PG.4
Slide 5: Broad and fast growing sector supported by long term mega trends
BROAD AND FAST GROWING SECTOR SUPPORTED BY LONG TERM MEGA TRENDS HEALTHCARE DEMANDS TECHNOLOGY AND AI CLIMATE CRISIS AND OF AN AGEING ACCELERATING NET ZERO AMBITIONS POPULATION SCIENTIFIC DISCOVERIES SCIENCE & TECHNOLOGY REPRESENTS c.15% OF THE UK ECONOMY 1 S C IE N C E & T E C H N O L O G Y I N V E
Slide 6: Our campuses: right real estate, locations and capabilities
OUR CAMPUSES: RIGHT REAL ESTATE, LOCATIONS AND CAPABILITIES SPACE, SERVICES & AMENITIES FOR SUITABILITY OF OUR OFFICE STOCK A WIDE RANGE OF CUSTOMERS FOR LAB CONVERSION Modern, good power, ventilation and slab to slab From startups, through scale-ups to global HQ space heights LOCATED WITHIN ESTABLI
Slide 7: The Knowledge Quarter
THE KNOWLEDGE QUARTER PROFESSOR GERAINT REES, UCL V i c e Pr o v o s t f o r R e s e a r c h , I n n o v a t i o n a n d G l o b a l Engagement Regent’s Fort Place Kinnaird, Edinburgh S C IE N C E & T E C H N O L O G Y I N V E S T O R S E M I N A R | 6 F E B R U A R Y 2 0 2 4 PG.7
Slide 8: Science & Technology
SCIENCE & T E C H N O LO GY MICHAEL WISEMAN, BRITISH LAND H e a d o f Wo r k s p a c e L e a s i n g a n d S c i e n c e & Te c h n o l o g y Relation Therapeutics, Fort Kinnaird, 338 Euston Road Edinburgh S C IE N C E & T E C H N O L O G Y I N V E S T O R S E M I N A R | 6 F E B R U A R Y 2 0 2 4 P
Slide 9: What do we mean by Science & Technology?
WHAT DO WE MEAN BY SCIENCE & TECHNOLOGY? S C IE N C E & T E C H N O L O G Y I N V E S T O R S E M I N A R | 6 F E B R U A R Y 2 0 2 4 PG.9
Slide 10: What do we mean by Science & Technology?
WHAT DO WE MEAN BY SCIENCE & TECHNOLOGY? LIFE SCIENCES GREEN SCIENCES P H Y S I CA L S C I E N C E S Study of living things and life Technology to reduce Study into non-living systems processes greenhouse gas emissions and objects e.g. pharmaceuticals, cell and e.g. renewable energy, carbon e.g. pho
Slide 11: We are already active in this space
WE ARE ALREADY ACTIVE IN THIS SPACE LIFE SCIENCES GREEN SCIENCES P H Y S I CA L S C I E N C E S DATA , A I A N D T E C H c . 1 0 0 K S Q F T U N D E R O F F E R + c . 3 0 0 K S Q F T I N N E G OT I AT I O N S S C IE N C E & T E C H N O L O G Y I N V E S T O R S E M I N A R | 6 F E B R U A R Y 2 0 2
Slide 12: Companies across the maturity spectrum taking workspace often with a lab element
COMPANIES ACROSS THE MATURITY SPECTRUM TAKING WORKSPACE OFTEN WITH A LAB ELEMENT T R A D I T I O N A L W O R K S PAC E SCALE UPS E L E M E NT O F L A B S PAC E G LO B A L B U S I N E S S E S L A B S PA C E C O U L D R E P R E S E N T c . 1 5 % O F O U R S C I E N C E & T E C H S PA C E S C IE N C E
Slide 13: Why the UK and London?
WHY THE UK AND LONDON? S C IE N C E & T E C H N O L O G Y I N V E S T O R S E M I N A R | 6 F E B R U A R Y 2 0 2 4 PG.13
Slide 14: The UK is already Europe's leading innovation and technology hub
THE UK IS ALREADY EUROPE’S LEADING INNOVATION AND TECHNOLOGY HUB WORLD CLASS INSTITUTIONS AND THE UK IS EUROPE’S LEADING TALENT POOL INNOVATION & TECHNOLOGY HUB UK has 4 of top 10 leading universities1 UK has Europe's highest number of unicorns3 UK ranked #2 for Nobel Prize winners2 FAVOURABLE POLIT
Slide 15: Scale of the opportunity
SCALE OF THE OPPORTUNITY CURRENT POTENTIAL JO B G RO W TH I N SCI ENCE AND TECH NO LO G Y I S F O RECAST TO O UTPERF O RM TH E UK O VER TH E NEXT 10 YEARS 4 Science and tech represents 16% c.15% of UK economy 1 14% 12% 10% UK tech sector employs 8% c.3m people 2 6% 4% 2% R&D investment is at record
Slide 16: Importance of the ecosystem
IMPORTANCE OF THE ECOSYSTEM ACADEMIC INSTITUTIONS / TEACHING HOSPITALS DIVERSE ACCESS TO TALENT / CAPITAL POPULATION RESEARCH BUSINESSES INSTITUTIONS S C IE N C E & T E C H N O L O G Y I N V E S T O R S E M I N A R | 6 F E B R U A R Y 2 0 2 4 PG.16
Slide 17: The Golden Triangle
CAPITAL RAISED IN THE UK IS CONCENTRATED IN THE GOLDEN TRIANGLE1 THE GOLDEN TRIANGLE 100.0% 80.0% 60.0% 40.0% CAMBRIDGE 20.0% 0.0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 OXFORD Golden Triangle Rest of UK 48 mins to London COMPANY FORMATION IN THE GOLDEN TRIANGLE HAS INCREASED BY c.2.
Slide 18: London is poised for growth
LONDON IS POISED FOR GROWTH LO N D O N I S EP I C ENT RE O F L E A D I N G UN I V E RS I TI ES A N D EU R O P E F O R T EC H & A I R ES EA R CH I N ST I T U TI ONS London ranked #1 in the Global Power City Index1 UCL, Imperial College London, The Francis Crick Home to Google DeepMind, Wise, Monzo In
Slide 19: London is home to established and growing knowledge clusters
LONDON IS HOME TO ESTABLISHED AND GROWING KNOWLEDGE CLUSTERS Whitechapel The Knowledge White City Quarter Canary Wharf SC1 Canada Water Sutton SCIENCE & TECHNOLOGY INVESTOR SEMINAR | 6 FEBRUARY 2024 PG.19
Slide 20: Regent's Place is a key campus at the heart of the Knowledge Quarter
REGENT’S PLACE IS A KEY CAMPUS AT THE HEART OF THE KNOWLEDGE QUARTER S C IE N C E & T E C H N O L O G Y I N V E S T O R S E M I N A R | 6 F E B R U A R Y 2 0 2 4 PG.20
Slide 21: Our product
OUR PRODUCT SCIENCE & TECHNOLOGY INVESTOR SEMINAR | 6 FEBRUARY 2024 PG.21
Slide 22: We are well placed to succeed
WE ARE WELL PLACED TO SUCCEED RIGHT REAL ESTATE IN THE Modern campuses with excellent connectivity in established clusters RIGHT LOCATIONS Curate amenities, ability for businesses to scale, promoting CAMPUSES serendipitous encounters DEVELOPMENT AND In-house expertise, including lab management speci
Slide 23: Broad range of opportunities
BROAD RANGE OF OPPORTUNITIES ESTABLISHED CLUSTERS EMERGING CLUSTER REGENT’S PLACE, PETERHOUSE CAMPUS, CANADA WATER, LONDON CAMBRIDGE LONDON Located within the heart of the Knowledge Research park within the Cambridge Trialling and testing a ‘blank canvas’ PROPOSITION Quarter innovation cluster Speed
Slide 24: What do we offer?
WHAT DO WE OFFER? LAB ENABLED LAB FITTED WORKSPACE DRY LAB (Wet labs) (Wet labs) Flexible shell & core or Cat A Cat B fit out Access to campus amenities Enhanced power Enhanced air changes Lab drainage Lab ready fixtures & furniture Access to o
Slide 25: Lab enabled/fitted buildings command a rental premium
LAB ENABLED/FITTED BUILDINGS COMMAND A RENTAL PREMIUM Indicative example Headline Incremental Premium on based on average Net Rent Regent’s Place asset: Rent Capex p.a. Net Rent Workspace1: c.£80psf £65psf - - Lab Enabled: £95psf £85psf £8psf c. 20% Fitted Labs: £115psf £110psf £20psf c. 40% Amortis
Slide 26: Summary
SUMMARY SIGNIFICANT TARGETING A BROAD OPPORTUNITY IN THE OUR CAMPUS MODEL RANGE OF SCIENCE & UK, GOLDEN TRIANGLE IS WELL POSITIONED TECH BUSINESSES & LONDON S C IE N C E & T E C H N O L O G Y I N V E S T O R S E M I N A R | 6 F E B R U A R Y 2 0 2 4 PG.26
Slide 27: Regent's Place
R E G E N T ’ S P L AC E A M Y H O C K L E Y, B R I T I S H L A N D H e a d o f S c i e n c e & Te c h n o l o g y L e a s i n g Regent’s Place S C IE N C E & T E C H N O L O G Y I N V E S T O R S E M I N A R | 6 F E B R U A R Y 2 0 2 4 PG.27
Slide 28: London's Knowledge Quarter
LONDON’S KNOWLEDGE QUARTER S C IE N C E & T E C H N O L O G Y I N V E S T O R S E M I N A R | 6 F E B R U A R Y 2 0 2 4 PG.28
Slide 29: Regent's Place is well positioned to capture growth in Science & Technology
REGENT’S PLACE IS WELL POSITIONED TO CAPTURE GROWTH IN SCIENCE & TECHNOLOGY LOCATED IN LONDON’S ESTABLISHED CLUSTER KNOWLEDGE QUARTER 13 ACRE CAMPUS PROVIDING SUITABILITY OF EXISTING OPPORTUNITY TO GROW BUILDINGS & INFRASTRUCTURE S C IE N C E & T E C H N O L O G Y I N V E S T O R S E M I N A R | 6 F
Slide 30: The evolution of Regent's Place
THE EVOLUTION OF REGENT’S PLACE FabricNano, Drummond Street S C IE N C E & T E C H N O L O G Y I N V E S T O R S E M I N A R | 6 F E B R U A R Y 2 0 2 4 PG.30
Slide 31: The evolution of Regent's Place
THE EVOLUTION OF REGENT’S PLACE Relation Therapeutics, 338 Euston Road S C IE N C E & T E C H N O L O G Y I N V E S T O R S E M I N A R | 6 F E B R U A R Y 2 0 2 4 PG.31
Slide 32: The evolution of Regent's Place
THE EVOLUTION OF REGENT’S PLACE 20 Triton Street S C IE N C E & T E C H N O L O G Y I N V E S T O R S E M I N A R | 6 F E B R U A R Y 2 0 2 4 PG.32
Slide 33: The evolution of Regent's Place
THE EVOLUTION OF REGENT’S PLACE 1 Triton Square S C IE N C E & T E C H N O L O G Y I N V E S T O R S E M I N A R | 6 F E B R U A R Y 2 0 2 4 PG.33
Slide 34: The evolution of Regent's Place
THE EVOLUTION OF REGENT’S PLACE Euston Tower CGI S C IE N C E & T E C H N O L O G Y I N V E S T O R S E M I N A R | 6 F E B R U A R Y 2 0 2 4 PG.34
Slide 35: Partnerships established with key institutions
PARTNERSHIPS ESTABLISHED WITH KEY INSTITUTIONS S C IE N C E & T E C H N O L O G Y I N V E S T O R S E M I N A R | 6 F E B R U A R Y 2 0 2 4 PG.35
Slide 36: Triton Square
1 TRITON SQUARE £149M SURRENDER PREMIUM RECEIVED − Proactively took back the space OPPORTUNITY TO CAPTURE POSITIVE REVERSION − Meta were paying c.£70psf, below current market rents FLEXIBLE PLAN − To capture Science & Technology occupiers S C IE N C E & T E C H N O L O G Y I N V E S T O R S E M I N
Slide 37: Triton Square has the right specifications to accommodate science & tech occupiers
1 TRITON SQUARE HAS THE RIGHT SPECIFICATIONS TO ACCOMMODATE SCIENCE & TECH OCCUPIERS 4 – 4.8m 6 Floor to ceiling Air changes per height hour 90 w/m2 2 x 1,650 kg Power available to Goods lifts with labs basement access 30 – 45k sq ft Large basement Large flexible For storage facilities floorplates S
Slide 38: Capturing reversion, lab and flex premiums
CAPTURING REVERSION, LAB AND FLEX PREMIUMS 1 TRITON SQUARE – INDICATIVE FLOOR PLAN Indicative headline rents: 8 Office Office 7 Office Office Office rents c.£100 psf 6 Terrace Office Office Terrace 5 Offices / Enabled Offices / Enabled 4 Offices / Enabled Offices / Enabled Lab rents c.£110-150 psf 1
Slide 39: Summary: Regent's Place
SUMMARY: REGENT’S PLACE LOCATED IN LONDON’S ESTABLISHED CLUSTER KNOWLEDGE QUARTER 13 ACRE CAMPUS PROVIDING SUITABILITY OF EXISTING OPPORTUNITY TO GROW BUILDINGS & INFRASTRUCTURE S C IE N C E & T E C H N O L O G Y I N V E S T O R S E M I N A R | 6 F E B R U A R Y 2 0 2 4 PG.39
Slide 40: Conclusion
C O N C LU S I O N SIMON CARTER Euston Fort Kinnaird, Tower CGI Edinburgh S C IE N C E & T E C H N O L O G Y I N V E S T O R S E M I N A R | 6 F E B R U A R Y 2 0 2 4 PG.40
Slide 41: Science & Technology: Key Takeaways
SCIENCE & TECHNOLOGY: KEY TAKEAWAYS RIGHT REAL ESTATE, KEY ELEMENT OF OUR BROAD AND FAST LOCATIONS AND CAMPUS STRATEGY GROWING SECTOR CAPABILITIES S C IE N C E & T E C H N O L O G Y I N V E S T O R S E M I N A R | 6 F E B R U A R Y 2 0 2 4 PG.41
Slide 42: Panel: London's potential in Science & Technology
PANEL: LONDON’S POTENTIAL IN SCIENCE & TECHNOLOGY MODERATOR SAM BARRELL IAN CAMPBELL LYNN GLADDEN Deputy Chief Executive Vice President - National Shell Professor of Chemical Officer, The Francis Crick Transformation Institute at King Engineering at the University of Institute Abdullah University of
Slide 43: Appendix
APPENDIX S C IE N C E & T E C H N O L O G Y I N V E S T O R S E M I N A R | 6 F E B R U A R Y 2 0 2 4 PG.43
Slide 44: Science & Technology Pipeline
SCIENCE & TECHNOLOGY PIPLEINE Priestley Centre, Guildford 1 Triton Square, Regent’s Place Zone H & D, Canada Water Euston Tower, Regent’s Place Status: Onsite Status: Design Status: Consented Status: Planning submitted Size: 84,000 sq ft Size: 318,000 sq ft Size: 691,000 sq ft Size: 540,000 sq ft So