British Land Company PLC · LSE:BLND
British Land — Investor Day (September 2019)
120 slides from British Land's investor day presentation, Sep 18, 2019
Slide 1: Investor & Analyst Event
BRITISH LAND PLC Investor & Analyst Event 18 SEPTEMBER 2019
Slide 2: Welcome
SSAA EE NS ee ee ee ee, ee SS is SS Welcome Tim Score, Chairman British § Land
Slide 3: Introduction
Introduction Chris Grigg, CEO
Slide 4: Places People Prefer
Our Purpose Places People Prefer
Slide 5: Agenda
Agenda 12.45: Welcome & Introduction 13.00: Delivering a Mixed Use Business • Mixed use at British Land – Darren Richards • Evolving our customer offer – Mike Wiseman • Delivering on the ground: Claire Barber, Emma Cariaga, James Lowery, Tim Haddon 13:45: Q&A 14:15: Responding to Long Term Market Tr
Slide 6: Building a London focused, increasingly mixed use business
Building a London focused, increasingly mixed use business March 2010 Current Indicative business split 5+ years 10% 33% 66% 51% 45% 30-35% 5% 50-55% • London focused: over 70% of group • Smaller, more focused Retail • Meaningful Residential exposure Retail Campus-focused Storey Residential • Right
Slide 7: Our objectives for today are to demonstrate…
Our objectives for today are to demonstrate… 1 Our strategy is delivering - Mixed use is a competitive advantage 3 We have the depth and breadth of talent to deliver - Our strategy is aligned with what our - Our capabilities have broadened customers need 4 - The right retail can succeed long term wi
Slide 8: Delivering Mixed Use
Delivering Mixed Use Darren Richards, Head of Real Estate
Slide 9: A diverse, high quality portfolio £12.3bn
A diverse, high quality portfolio £12.3bn (BL share) Local Retail (9%) London Campuses (41%) 68% Regional Retail (19%) incl. Meadowhall (7%) London & South East Image to come Standalone offices (10%) Solus Retail (7%) Residential & Canada Retail – London & SE (11%) Water (3%)
Slide 10: Why mixed use?
Why mixed use? Occupiers Employees want space which is… want space which is… Attractive to skilled Flexible Affordable Well connected Located in vibrant Well connected Safe and promotes Sustainable and employees neighbourhoods wellbeing eco friendly Tech enabled Close to Aligned to Supported by Has
Slide 11: Long term development potential at our campuses
Long term development potential at our campuses
Slide 12: Eataly – 135 Bishopsgate
Eataly – 135 Bishopsgate
Slide 13: Exchange Park – Broadgate
Exchange Park – Broadgate
Slide 14: Amphitheatre – Paddington
Amphitheatre – Paddington Amphitheatre – Paddington Central
Slide 15: We have created a distinctive advantage in mixed use
We have created a distinctive advantage in mixed use • Mixed use campus development – 1-2 Broadgate, 2-3 Finsbury Avenue, 5 Kingdom Street near & medium term – 1.3m sq ft committed developments – Further opportunities Norton Folgate, Ealing, Kingston, Woolwich, Canada Water • Scale – Control of grou
Slide 16: Significant office leasing success
Significant office leasing success 1• Taking market share Attracting a broader – 1.1m sq ft office leasing in FY19 range of occupier – Accounting for 8% of the central London leasing market with 2.5% of the stock 2• Delivering higher rents – Most recent lettings over £80psf at Broadgate – vs £72psf
Slide 17: Storey roll out
Storey roll out Current Locations Forthcoming Locations
Slide 18: An increasingly diverse range of office occupiers
An increasingly diverse range of office occupiers Sept 2010 March 2019 £176m rent £237m rent Banks & Financial Services Professional & Corporate TMT Government Resources & Manufacturing Food / Leisure Retail Flexible Workspace Other Based on gross contracted rent
Slide 19: A nimble & commercial approach across the business
A nimble & commercial approach across the business Local Retail (9%) London Campuses (41%) 68% Regional Retail (19%) incl. Meadowhall (7%) London & South East Image to come Standalone offices (10%) Solus Retail (7%) Residential & Canada Retail – London & SE (11%) Water (3%)
Slide 20: Driving outperformance at Meadowhall
Driving outperformance at Meadowhall 13 Consecutive months Footfall growth Q1 LFL sales +2.6% 22m footfall
Slide 21: Fort Kinnaird, Edinburgh
Fort Kinnaird, Edinburgh • 14 deals in 2 years • Thoughtful approach including cut and carve of larger units – Protects income – Retailers get smaller, more affordable units – Recently achieved rents of £70psf on smaller units, double a 10,000 sq ft unit • Delivering positive footfall & sales growth
Slide 22: Inverness Orbital, Swindon
Inverness Orbital, Swindon • 50,000 sq ft Homebase returned • 40,000 sq ft Homebase returned – Decision not to split unit – Different demand supply dynamic – unit split – Protects supply & demand tension – Lidl signed and two deals close to exchange – Re-let space to The Range at a lower level; refl
Slide 23: 100 Liverpool Street
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Slide 24: Evolving our customer offer
Evolving our customer offer Mike Wiseman, Head of Office Leasing
Slide 25: Leasing success at our developments
Leasing success at our developments 85% Pre-let or under offer 1 Finsbury Avenue 135 Bishopsgate 100 Liverpool Sreet 1 Triton Square 287,000 sq ft 335,000 sq ft 521,000 sq ft 366,000 sq ft 14.7 PC’d Q1 2019 Completion Q3 2019 Completion Q1 2020 Completion Q4 2020 77% pre-let / under offer 97% pre-le
Slide 26: The occupational market remains supportive
The occupational market remains supportive Much of the Supply remains development Strong demand relatively pipeline is already from occupiers constrained committed An unconventional London Office market
Slide 27: Delivering the best quality buildings
Delivering the best quality buildings Committed to great design Focused on product differentiation Demonstrating creative re-use 1 Finsbury Avenue, Broadgate
Slide 28: The office is more than just a place to work
The office is more than just a place to work Focus on people, customers & productivity Moves between submarkets more common Delivered through our campus strategy Exchange Park, Broadgate
Slide 29: Integrating flexibility
Integrating flexibility Creating spaces at different price points Enabling customers to use space efficiently Core and flex approach resonating 4 Kingdom Street, Paddington
Slide 30: Increasing focus on service as a differentiator
Increasing focus on service as a differentiator We design, deliver and manage our spaces Leveraging our operational expertise Integrating technology to enhance experience 135 Bishopsgate, Broadgate
Slide 31: Our Customer Commitments
Our Customer Commitments • You can choose from our network of locations • You will be in a great place, both inside and out • You can rely on us to be an active partner, working closely with you to achieve your goals • You will have the services you need to help your business be successful • You wil
Slide 32: Delivering Mixed Use: Panel Discussion
Delivering Mixed Use Panel Discussion
Slide 33: Delivering Mixed Use: Panellists
Delivering Mixed Use: Panellists Claire Barber Emma Cariaga Head of Retail Development Joint Head of Canada Water Development Tim Haddon James Lowery Head of Asset Management, Co-Lead of Storey Ealing Broadway & Standalone Portfolio David Walker Head of Investor Relations
Slide 34: Introduction
Introduction Sally Jones, Head of Strategy & Investments
Slide 35: Long-term trends driving our strategy
Long-term trends driving our strategy Globalisation Global Cities - Low interest BREXIT London rates Urbanisation Rising consumer Technology Sustainability expectations (Climate change + social responsibility)
Slide 36: Thoughtful approach to technology-led change
Thoughtful approach to technology-led change What we’ve learnt from the tech-led revolution Our three core guiding principles Power has shifted to the consumer Strengthen the relationship with our customers and consumers Intermediaries have been disrupted Own and control our data Winners have used t
Slide 37: Thoughtful approach to technology-led change
Thoughtful approach to technology-led change Campus benefits amplified by technology Understanding our customers better Providing our customers with a better experience Making our buildings more efficient
Slide 38: Data & Insights
Data & Insights Ben Dimson, Head of Business Development
Slide 39: Insight at British Land
Insight at British Land We create insights from research and data to: Be customer Strengthen Generate oriented, innovating decision making, incremental value, to understand supplementing and for our customers the needs of our challenging our and shareholders stakeholders current approach
Slide 40: Supporting the leasing lifecycle at Meadowhall
Supporting the leasing lifecycle at Meadowhall Review SHEFFIELD 1 Key Opportunity performance vs Acorn Groups Understand £219m £41m Student Life strategy catchment and Turnover Potential turnover Mature Money positioning Provide footfall 8 1 and sales data Data to occupiers driven 7 2 targeting 6 6
Slide 41: Meadowhall performance
Meadowhall performance Footfall growth Over thirteen consecutive months Q1 LFL sales +2.6% Meadowhall
Slide 42: Supporting development decisions at Canada Water
Supporting development decisions at Canada Water 1 Model range of 3 Optimal space 5 Focus groups to test development scenarios allocation modelling brand proposition London office worker Community and 2 4 6 Movement benchmarking survey user surveys studies 1 2 Proportion of workers who use their loc
Slide 43: Smart: Digital Placemaking
Smart: Digital Placemaking Julian Barker, Head of Smart Places
Slide 44: Smart: Digital Placemaking
Smart: Digital Placemaking Using technology in the built environment to make our places outstanding The Human The Physical Spaces in which vibrant Great places inside communities can thrive, and out, in great with a focus on locations wellbeing and connection The Digital Using technology to enable p
Slide 45: How does digital placemaking support British Land?
How does digital placemaking support British Land? Our occupiers Our customers Our society British Land Cost Wellbeing Sustainability Strategic differentiator Brand Productivity Community Customer relationships Talent Financial benefit
Slide 46: Home…
Home...
Slide 47: …work
…work
Slide 48: What do we need to do to become 'Smart'?
What do we need to do to become ‘Smart’? The The data The user hardware environment experience The physical
Slide 49: Case study: Liverpool Street
Case study: 100 Liverpool Street The hardware The data environment The physical The user experience
Slide 50: A Day in the life of a Smart British Land Campus
A Day in the life of a Smart British Land Campus Use the Smart app, Smart building or Smart campus to… 8:55 7:30 9:00 8:15 Visitor Community, desk Environment management Control the meeting room booking and building access control • Guest arrives using digital • Meeting room temperature • Check out
Slide 51: Leveraging Smart at British Land
Leveraging Smart at British Land
Slide 52: Introduction to Sustainability
Introduction to Sustainability Simon Carter, CFO
Slide 53: Sustainability
Sustainability Cressida Curtis, Head of Corporate Affairs and Sustainability
Slide 54: Major stakeholders
Major stakeholders Customers Employees Communities Investors 54
Slide 55: Current programme: 2019 Performance
Current programme: 2019 Performance FY18 FY19 2020 Target 54% 64% 55% improvement in carbon efficiency vs 2009 40% 44% 55% improvement in energy efficiency vs 2009 97% 96% 100% of electricity to come from renewable sources Futureproofing 92% 92% 100% new developments on track to achieve BREEAM Excel
Slide 56: 2019 Performance Highlights: environment
2019 Performance Highlights: environment Global temperature, January – December vs 20th century average 1.2 44% 1 improvement in 0.8 energy intensity 0.6 (operational) Anomaly °C 0.4 0.2 64% 0 Improvement in -0.2 carbon intensity -0.4 -0.6 1880 1883 1886 1889 1892 1895 1898 1901 1904 1907 1910 1913
Slide 57: 2019 Performance Highlights: society
2019 Performance Highlights: society 1,232 people into employment 40,000 Children supported to read 57
Slide 58: How sustainability creates value
How sustainability creates value Energy Audits Communities Brief for Development Wellbeing Minimising operational carbon Powering the local economy Minimising embodied carbon Improving resilience Reducing cost Increasing opportunity Maximising community impact Building community Stronger support Red
Slide 59: Forward thinking
Forward thinking Evolving Building on areas of our approach greatest expertise Weaving into Leveraging reach customer offer of supply chain Aligning to Incorporating science-based UN SDGs accredited targets Increasing focus Supporting fulfilment on impact of societal ambitions 59
Slide 60: Sustainability in the built environment
Sustainability in the built environment Juliette Morgan, Head of Sustainable Development
Slide 61: Project Drawdown: CO2 reductions by sector, top 10
Project Drawdown: CO2 reductions by sector, top 10 Solution Total atmospheric Co2 reductions (GT) 1 Refrigerant management 89.7 2 Wind turbines 84.6 3 Reduced food waste 70.5 4 Plant-rich diet 66.1 5 Tropical Forests 61.2 6 Educating girls 51.5 7 Family planning 51.5 8 Solar farms 36.9 9 Silvopastur
Slide 62: Project Drawdown: CO2 reductions by cities & buildings
Project Drawdown: CO2 reductions by cities & buildings 54.5 GT potential CO2 reduction from the Cities & Buildings sector by 2050 from these initiatives… WALKABLE INSULATION CITIES SMART THERMOSTATS DISTRICTBUILDING BIKE INFRASTRUCTURE GREEN ROOFS LED LIGHTING HEATING AUTOMATION (HOUSEHOLD) LANDFILL
Slide 63: Decarbonising materials
Decarbonising materials • Key benefits of building with wood – Trees absorb and sequester carbon; dry wood is 50% carbon which remains stored in timber construction materials – Producing these materials generates fewer greenhouse gas emissions than alternatives like cement or steel • Today’s high pe
Slide 64: Sustainability at our Campuses – Broadgate
Sustainability at our Campuses – Broadgate 10,000 100% 24/7 tonnes recycled renewable electricity sourced M&E monitoring and support from renewable sources certified minimises downtime, leaks Zero waste to landfill since 2013 through REGO certificates and risk of contamination 17,500sq ft 2.8m litre
Slide 65: In buildings: reduce, reuse and recycle – Triton Square
In buildings: reduce, reuse and recycle – 1 Triton Square Vital Statistics BREEAM outstanding 20,000 tons carbon offset Reuse of structure + façade elements 50% reduction in embodied carbon 35% reduction in operational energy Emissions avoided 98% build waste diversion equivalent to gas & electricit
Slide 66: Public realm: Regent's Place landscaping & air quality
Public realm: Regent’s Place landscaping & air quality • All new stone sourced from Europe rather than China • As much existing stone retained as possible • Decisions to reduce water use in planting • Retaining trees even where inconvenient • Lower carbon materials selected • Edible planting to incl
Slide 67: Circular fit out – Storey fitted space
Circular fit out – Storey fitted space • Furniture contributes 30% of a building’s GHG emissions over its life – Because furniture is replaced multiple times • “Circular” office furniture can save almost 25% of a building’s GHG emissions • 338 Euston Road trial – 246 items from the previous tenant w
Slide 68: Sustainable fit out: Eden space
Sustainable fit out: Eden space • Our café and event space at 17-19 Triton St will use low impact materials – Natural and recycled wood products – Vintage furniture – Plants and natural light – Sustainable and upcycled kitchen and tableware – Recycled paint, crushed glass and recycled yoghurt pot ma
Slide 69: Already at Storey Club…
Already at Storey Club... ; =, (ea <i> ; Ry | :
Slide 70: In summary
In summary 1 Neighbourhood, asset and interiors level 2 Reducing carbon footprint and delivering social benefits 3 An approach not a department 4 It drives us and our customers 5 Commitment and curiosity to keep impacting in this area
Slide 71: Capital Allocation
Capital Allocation Simon Carter, CFO
Slide 72: Net disposals of over £3bn of assets since 2015
Net disposals of over £3bn of assets since 2015 400 Sales Purchases 1 Sheldon Square - Purchase price £210m - 39 Victoria Street Debenhams, Leadenhall 5 Broadgate - Sale price Oxford St. - Sale price - Sale price £1bn £139m - Sale price £1.15bn (£500m at (400) - 4.3% NIY £400m (£575m at share) - IRR
Slide 73: Sales proceeds used to de-lever…
Sales proceeds used to de-lever… £4.9bn £4.8bn 36 9.0 £4.2bn 34 £4.0bn 8.5 £3.5bn Debt to Net Rents (x) 32 8.0 30 7.5 LTV (%) 28 7.0 26 6.5 24 6.0 22 5.5 20 5.0 FY15 FY16 FY17 FY18 FY19 1 LTV Debt to Net Rents Net Debt 1 Calculated as the ratio of net debt to net rents (proportionally consolidated)
Slide 74: …and recycled into value accretive developments…
…and recycled into value accretive developments… 135 Bishopsgate 1 Triton Square 335,000 sq ft 366,000 sq ft Completion Q3 2019 Completion Q4 2020 Norton Folgate 335,000 sq ft 1 Finsbury Avenue 100 Liverpool Street 521,000 sq ft 1-2 Broadgate 287,000 sq ft Completion Q1 2020 531,000 sq ft PC’d Q1 20
Slide 75: …with further medium-term opportunities
…with further medium-term opportunities Canada Water - Masterplan and detailed planning on first three buildings submitted; decision expected 30th September 2019 - £303m book value - £8m current rent roll Located at mixed use assets: 7.4m sq ft - 2-3 Finsbury Avenue, 5 Kingdom Street, Gateway Buildi
Slide 76: Proceeds also recycled into value accretive buybacks
Proceeds also recycled into value accretive buybacks Considerations Execute on a leverage Compelling arbitrage Attractive Income Return neutral basis Locked in 33p NAV uplift 6% implied look through yield Portfolio weightings Potential diseconomies Opportunity cost of scale unchanged
Slide 77: Retail Operational Update
Retail Operational Update
Slide 78: Retailers are experiencing a perfect storm
Retailers are experiencing a perfect storm Landlord Impacts Store Closure Programmes, CVAs/ Business Rates Brexit uncertainty Winners Administrations and Losers Rental pressures Valuation Rising Devaluation Growth wage costs of currency of online declines
Slide 79: Retail leasing overview (5 months to August-19)
Retail leasing overview (5 months to August-19) 97% Retail occupancy Commercialisation & car park income 45k sq ft £0.6m headline rent 3 years average lease length 4 mths average incentive Long term new lettings 210k sq ft +2% Assets to be developed 80k sq ft £4.0m headline rent £0.7m headline rent
Slide 80: Continuing to outperform key operational metrics…
Continuing to outperform key operational metrics… British Land Footfall movement vs Benchmark1 BL Footfall Benchmark Outperformance % YoY 460 bps 240 bps 340 bps 230 bps 420 bps 3.2 0.0 -0.2 0.3 -0.9 -1.4 -2.4 -3.1 -3.2 -4.4 FY16 FY17 FY18 FY19 Q1 FY20 1 ShopperTrak UK National Index
Slide 81: Continuing to outperform key operational metrics…
Continuing to outperform key operational metrics… British Land LFL sales movement vs Benchmark1 BL LFL Sales Benchmark Outperformance % YoY 260 bps 2.4 520 bps 220 bps 130 bps 160 bps 1.1 -0.2 0.0 -1.6 -1.5 -2.2 -2.9 -3.1 -4.1 FY16 FY17 FY18 FY19 Q1 FY20 1 BRC KPMG In-Store LFL Non-Food Index
Slide 82: CVA Approach
CVA Approach Brona McKeown, General Counsel and Company Secretary
Slide 83: A history of CVAs
A history of CVAs JJB “Landlord” CVA CVAs which 3-4 Retailer “Landlord affect more Seek legal advice as Insolvency Act • reduces lease payments but leaves more adverse terms House of other creditors unaffected CVAs” per year than rent Fraser introduces CVAs emerge • discounts Landlord vote by 75% ap
Slide 84: The Changing CVA Landscape
The Changing CVA Landscape Red Flags (November 2018) Effect Of Landlord Pushback Over Last 12 Months 1 Moritorium against landlords enforcing all tenant covenants Now generally limited to pre-CVA breach or non-payment of contracted rent Now generally not attempted or usually conceded 2 Very short ti
Slide 85: Longer Term View
Longer Term View Simon Carter, CFO
Slide 86: Our portfolio is relatively affordable to our occupiers
Our portfolio is relatively affordable to our occupiers Occupancy Cost Ratio Rent to Sales Ratio 20% 15% 18% 16% 14% 10% 12% 10% 8% 6% 5% 4% 2% 0% 0% BL UK Peers BL UK Peers Occupancy cost ratio defined as the sum of total rent, service charge, rates, insurance as a proportion of retailer sales (net
Slide 87: Long term drivers of trading densities
Long term drivers of trading densities 10yr view Total Retail sales growth Physical Shrinkage of Sales per sq ft Retail sales + floorspace = growth trajectory Online penetration
Slide 88: We expect online to absorb the majority of retail sales growth…
We expect online to absorb the majority of retail 10yr sales growth… view Current Pessimistic Optimistic Total Retail Sales growth 3.3% 2.6% 3.3% 4.2% 4.3% 10yr historic 2.5% 4.5% (pa) CAGR Euromonitor Oxford Historic growth CACI Passport Economics 35% 32% Online penetration 19% 50% 35% Extrapolated
Slide 89: …however with shrinking floorspace, industry trading densities likely to grow
…however with shrinking floorspace, industry trading 10yr densities likely to grow view Pessimistic Optimistic Implied long run physical sales -2% 2% growth (pa) Shrinkage of -1% -1.5% -2% -1% Floorspace (pa) JLL floorspace decrease JLL store closures prediction prediction Industry sales per -1% +4%
Slide 90: …and we expect to continue to outperform
…and we expect to continue to outperform 10yr view Pessimistic Optimistic Industry sales per -1% +4% sq. ft growth (pa) British Land historic LfL sales outperformance +190bps FY16-FY19 (pa) outperformance Implied British Land +1% +6% portfolio sales per sq. ft (pa)
Slide 91: Short term outlook remains tough, but we are positioned to outperform
Short term outlook remains tough, but we are positioned to outperform over the longer term Expect Value of Click & Value of physical sales Collect/returns 2/3rds of click and collect fulfilment per store to customers go on to make a grow in our purchase in store portfolio BL’s affordable Careful ass
Slide 92: Retail capital values
Retail capital values Shares are trading at c.40% discount to NNNAV1 Discount applied pro-rata to Offices Offices trade at NNNAV; discount and Retail attributed to Retail Discount to GAV 26% 58% Implied Retail net initial yield 7.0% 12.2% Implied Retail capital value (psf) £310 £180 Replacement cost
Slide 93: Wrap up
Wrap up Chris Grigg, CEO
Slide 94: Today we have demonstrated…
Today we have demonstrated… 1 Our strategy is delivering - Mixed use space attracting a broader mix of 3 Our depth and breadth of talent to deliver occupier… - Depth of property expertise - …achieving higher rents and faster leasing - Breadth of other skill sets velocity - - Success across new and r
Slide 95: Break outs
Break outs § British Sy Land
Slide 96: Break out 1: Retail market update
Break out 1: Retail market update
Slide 97: The retail landscape
The retail landscape A few of the winners… Online pure player with a slick platform Fast, value or aspirational fashion with point of difference Aspirational brand aggregators Differentiators in growth sectors Convenience value players with good networks Companies with strong omnichannel offer & qua
Slide 98: Robust demand from successful leisure and F&B operators
Robust demand from successful leisure and F&B operators
Slide 99: Our key selection criteria
Our key selection criteria Population Large population in catchment, with Rental growth The right characteristics to drive trends growth potential potential income from rents and commercialisation Quality of The right number of the right type of Potential to grow and/or demographics demographic grou
Slide 100: Our structured approach: retail portfolio scorecard
Our structured approach: retail portfolio scorecard Operational Valuation outperformance Key Scorecard Attributes to June 19 As at March Footfall vs Catchment & Competitive Appropriate Development Alignment to LfL Sales2 Occupancy 2019 Benchmark1 Demographic Position Size Potential strategy Retail –
Slide 101: Break out 2: London leasing
Break out 2: London leasing § British Sy Land
Slide 102: Driving value through developments
Driving value through developments 2019 Committed Pipeline – £63m ERV 1 Finsbury Avenue 135 Bishopsgate 100 Liverpool Street 1 Triton Square 287,000 sq ft 335,000 sq ft 521,000 sq ft 366,000 sq ft PC’d Q1 2019 Completion Q3 2019 Completion Q1 2020 Completion Q4 2020 77% pre-let / under offer 97% pre
Slide 103: Driving value through developments
Driving value through developments 2020 onwards Near term pipeline – £39m ERV Medium term pipeline – excl. Canada Water 5 Kingdom Street 429,000 sq ft Gateway Norton Folgate 1-2 Broadgate Building 335,000 sq ft 531,000 sq ft 105,000 sq ft £206m cost to come £198m cost to come Enabling / demolition E
Slide 104: Shoreditch map
eo SHOREDITCH Ty HIGH STREET * Se OLD STREET SHOREDITCH SPITALFIELDS op 'SPITALFIELDS MARKET Total 190,000 sq ft Key Existi Bi Retail (
Slide 105: Shoreditch and Finsbury map
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Slide 112: Break out 3: Storey
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Slide 113: Building out Storey
Building out Storey 167,000 sq ft across 8 buildings Operational at Broadgate, Paddington Central and Regent’s Place as well as standalone buildings Appold Studios, 338 Euston Road, 2 Kingdom Street, Paddington Broadgate Regent’s Place Central 7,000 sq ft 23,000 sq ft 26,000 sq ft “We had outgrown t
Slide 114: Building out Storey
Building out Storey 135,000 sq ft committed pipeline Includes space at our recently completed 1FA development demonstrating the key role of Storey at our campuses 1FA, 19 Wells Street, Fitzrovia 6 Orsman, Road, Haggerston 73,000 sq ft 21,000 sq ft 40,000 sq ft Launching October 2019 Launching Septem
Slide 115: Building out Storey
Building out Storey How British Land Landlord Services Leasing and supports Storey’s Asset Management operating platform Fit out and Channel and Furnish pricing strategy Development Operational stats Select and Marketing plan space & leasing • c.30% premium to Finance and Legal traditional lettings
Slide 116: Break out 4: Canada Water
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Slide 117: Canada Water
Canada Water Acquisition of 50% of Surrey Quays Conditional agreement to acquire Acquisition of remaining 50% of Shopping Centre ~ 23 acres the Printworks – 14.5 acres Surrey Quays Shopping Centre 2010 2011 2012 2013 2014 The Masterplan 53 acres 5m Developable area 3k homes 2m sq ft Workspace 1m sq
Slide 118: Canada Water
Canada Water Acquisition of Surrey Quays Leisure Park ~ 8.5 acres Acquisition of the Dock Offices 2014 2015 2016 2017 2018 A transformational first phase 1200 1.5m sq ft 150k sq ft homes Offices & Educational Retail & leisure First Developments • Public realm: Dockfront West, Dock, Office Courtyard,
Slide 119: Canada Water
Canada Water Acquisition of Rotherhithe Police Station MDA signed with Southwark Council; Masterplan and detailed planning on Earliest start on site first three buildings submitted 2018 2019 2020 2021 2021 A rich history A healthy place of green and blue Plans shaped by the community
Slide 120: Disclaimer
Disclaimer This presentation and its notes (together, the "Presentation") may contain or incorporate by reference certain “forward-looking” statements. Such statements reflect current views, expectations and beliefs of British Land on, among other things, our markets, activities, projections, strate