Land Securities Regulatory News (LAND)

Landsec and Deutsche Bank have exchanged a pre-let agreement for the bank's new London headquarters at 21 Moorfields, EC2 on a 25 year lease. The agreement is conditional on planning permission.

Landsec has worked closely with Deutsche Bank on the design of a 564,000 sq ft building. The bank will retain flexibility over the amount of space it will occupy in the new building and has committed to take a minimum of 469,000 sq ft under the deal.

21 Moorfields is situated directly above Moorgate underground station and the western entrance to the Liverpool Street Crossrail station.

The building will provide Deutsche Bank with floors offering up to 50,000 sq ft of workspace supported by a highly resilient and flexible services infrastructure.

The agreement builds on Landsec's existing partnership with Deutsche Bank, including the relocation of the bank's Asset Management and Wealth Management divisions to The Zig Zag Building in London SW1.

Landsec acquired a long leasehold interest in the 21 Moorfields site in 2012 and obtained planning permission for two buildings totalling 522,000 sq ft on the site in 2016. It will submit a planning application for the revised scheme later this year, and is targeting practical completion in November 2021.

Colette O'Shea, Managing Director London at Landsec, said: "We are delighted that Deutsche Bank chose to build on its existing relationship with us when it was selecting the site for its new London headquarters. We are looking forward to continuing our partnership approach and working with Deutsche Bank to meet its design requirements and business needs as we deliver its London headquarters."

Ends

Notes to editors

At Landsec, we believe great places are for people to experience and are made with the experience of great people. As the UK's largest listed commercial property company, with 23.2 million sq ft of real estate and a portfolio valued at £14.4 billion, we own and manage some of the most successful and recognisable assets in the country.

In London, our portfolio totals more than £8.3 billion, and consists of 6.5 million sq ft of real estate. From the world-famous Piccadilly Lights to the transformation of Victoria, SW1, we deliver exceptional experiences for the businesses and people that live and work in, and visit, the capital.

In Retail, across our 16.7 million sq ft of assets, we create outstanding experiences for customers and guests alike. Combined with the strength and resilience of our portfolio, this means we regularly outperform industry benchmarks for footfall and sales. We offer more than convenience and choice, recognising that memorable destinations are key to attracting the shoppers and retailers of today, and tomorrow.

We also aim to lead our industry in critical long-term issues - from diversity and community employment, to carbon and climate resilience. Everything we do is grounded in experience and begins with people. We deliver value for our shareholders, great experiences for our customers and positive change for our communities. At Landsec, everything is experience.

Find out more at landsec.com