(Alliance News) - British Land Co PLC on Friday announced the completion of the drawdown of the 500-year headlease with Southwark Council, an event considered by the FTSE 100 property investor to be a "significant milestone".
The headlease will combine the ownership of British Land's assets at Canada Water in south east London into a single 500-year headlease, with Southwark Council as the lessor.
In addition, the headlease will allow for new redevelopment and investment into the site with Southwark Council owning an initial 20% interest, and having the ability to participate in the development.
"We're hugely excited to have reached this milestone. The drawdown of the headlease follows five years of extensive consultation and engagement with the local community and a partnership with Southwark Council. We look forward to continuing to work with them and the local community," said Emma Cariafa, joint head of Canada Water.
Also on Friday, British Land said that it has signed its first pre-let with design-led engineering higher education provider TEDI-London. Under the agreement, TEDI-London will take an initial 13,000 square feet of floorspace, with the option to expand up to 40,000 square feet.
British Land will start work on the modular campus in January, and expects to have it finished before the first cohort of students show up in September.
Shares in British Land were down 0.8% at 496.60 pence on Friday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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British Land (BLND)