ACO.L Regulatory News (ACO)

8 Mar 2007 09:02

Land Securities Group Plc08 March 2007 8 March 2007 Land Securities Group PLC ("Land Securities") Land Securities trillium completes acquisition of ACCOR HOTEL PORTFOLIO Land Securities Group PLC announced today that its property partnershipbusiness, Land Securities Trillium ('LST') has completed its agreement toacquire a portfolio of 30 hotels from Accor S.A. ('Accor'). LST is paying £439million with a commitment to contribute approximately £35m of capital over fouryears towards property improvement works. LST will lease each hotel back to Accor on 84-year leases, which will include 12year rolling breaks, while retaining responsibility for the lifecyclemaintenance of the core fabric of the buildings. The 30 hotels, which areoperated under the IBIS two-star and Novotel three-star brands, arepredominantly located in established city centre locations across the UK, with aweighting towards London. Ian Ellis, Chief Executive, Land Securities Trillium, said: "This acquisition demonstrates the flexibility of Land Securities' businessmodel and advances our strategy of providing property solutions to leadingcorporations and government institutions. This is the first step in thedevelopment of a long-term relationship with Accor and as its UK propertypartner, we will now focus on helping Accor to expand its share of the UK hotelsmarket." -Ends- For further information, please contact:Emma Denne/ Ian Ellis Stephanie Highett/ Dido LaurimoreLand Securities Financial DynamicsT +44 (0)20 7413 9000 T +44 (0)20 7831 3113 NOTES TO EDITORS Land Securities Trillium Part of the Land Securities Group, Land Securities Trillium is one of the mostestablished and innovative names in property outsourcing. We focus onunderstanding our customers' business and property requirements and meeting themthrough excellent service and innovation. We manage and provide services tonumerous commercial properties nationwide, for a growing number of companies andgovernment departments. These activities sit alongside Land Securities'investment portfolio, worth many billions of pounds, which includes a vast rangeof shopping centres and retail parks as well as London landmark buildings. Weare also involved in a major urban community development programme. This information is provided by RNS The company news service from the London Stock Exchange