GPOR.L Regulatory News (GPOR)

27 Mar 2008 07:01

Great Portland Estates PLC27 March 2008 27 March 2008 Great Portland and BP Pension Fund form new 50:50 joint venture Great Portland Estates plc ("GPE") and Ropemaker Properties Limited("Ropemaker"), the property nominee of the BP Pension Fund, announce that theyhave formed the Great Ropemaker Partnership ("GRP"), a 50:50 joint venture to bemanaged by GPE. GRP has acquired a development site at 240 Blackfriars Road, SE1 from GPE for aninitial consideration of £20.5 million. In addition, £2.0 million is payable inenhanced fees if the site is redeveloped and a further £5.0 million in prioritypayments become due if various performance hurdles are met. The 31 December 2007valuation was £27.5 million. 240 Blackfriars Road forms part of GPE's near term development programme and isa proposed 18 storey 207,000 sq ft office retail and residential scheme at thejunction of Blackfriars Road and Southwark Street. The existing 34,300 sq ftbuildings are currently being demolished. Toby Courtauld, Chief Executive of GPE said "We are delighted to have formedthis joint venture with the BP Pension Fund. It allows us to spread ourdevelopment risk at Blackfriars Road and it forges a new relationship with ahigh quality partner opening up new avenues for future business together." Contacts: Great Portland Estates plcToby Courtauld Chief Executive 020 7647 3042 Finsbury GroupGordon Simpson 020 7251 3801 This information is provided by RNS The company news service from the London Stock Exchange