British Land Company Plc Stock

The British Land Company PLC, a real estate investment trust (REIT), engages in managing, financing, and developing commercial property in the United Kingdom. The company invests in retail warehouses, superstores, shopping centers; high street, and London offices.

Properties

OUT-OF-TOWN RETAIL

Retail warehouse portfolio:

The company’s retail warehouse portfolio includes 108 retail warehouse properties, of which 79 retail parks with a total of 1,414 units; and 29 solus units. The total floor area includes 15.9 million square feet. Its major tenants include Arcadia; Argos; Asda/Asda Living; B&Q; Bhs; Blacks Boots; Borders; Carpetright; Comet; Currys; DFS; Gap; Halfords; Homebase; Instore; JJB Sports; Mamas & Papas; Marks & Spencer; Matalan; Morrisons; Mothercare; New Look; Next; PC World; Pets At Home; River Island; Sainsbury’s; Sports World; Tesco; TKMaxx; Toys R Us; Virgin; WH Smith and Zara.

Teesside shopping park, Stockton-on-Tees: This freehold property is located at the intersection of the A66 and A19 trunk roads between Stockton-on-Tees and Middlesbrough and comprises: 342,000 sq ft of open A1 retail space arranged in 33 units, on a site of 47 acres; an 8.1 acre site located on the park’s principal access comprises two retail units totalling 42,000 sq ft and four restaurant units totaling 14,930 sq ft; and an 8,000 sq ft retail unit and the reversionary interest in the adjoining unit, plus a 27 acre site which may be considered for future development.

The Kingston Centre, Kingston, Milton Keynes (50% owned in Tesco BL Holdings joint venture): The Kingston Centre occupies a freehold 35 acre site, close to junctions 13 and 14 of the M1motorway and provides a total of 247,000 sq ft of open A1 retail space. The Centre includes: a 140,600 sq ft Tesco Extra superstore; eight retail warehouses totaling 92,900 sq ft, let to tenants, including Boots, Mothercare, Next, Marks & Spencer and Mamas & Papas; a covered shopping mall with 12 units totaling a further 9,200 sq ft; a drive-thru McDonald’s; a pub; a car showroom; and units let to Domino’s Pizza and Carphone Warehouse.

New Mersey shopping park, Speke (HUT): A freehold part open A1/part-restricted planning consent shopping park of 481,000 sq ft in 31 units and two restaurants. Key tenants include Boots, Borders, B&Q, Mothercare, Gap, Next, Marks & Spencer, River Island and New Look.

Glasgow Fort, Glasgow (HUT): A long leasehold open A1park of 387,500 sq ft in 60 units (plus kiosks). Key tenants include Boots, Zara, Oasis, River Island, Next, Topshop, Starbucks, Argos, Mamas & Papas, and New Look.

Parkgate shopping park, Rotherham (HUT): A freehold open A1park of 561,500 sq ft. There are a total of 40 retail units and a 95,000 sq ft Morrisons foodstore. Key tenants include: Next, Matalan, Marks & Spencer, Boots, TKMaxx, Bhs, New Look, Arcadia, WH Smith, Homebase, Argos, and River Island.

Fort Kinnaird shopping park, Edinburgh (HUT): A long leasehold open A1shopping park of 548,000 sq ft in 49 units, four food outlets, two leisure outlets and factory and office space of 91,000 sq ft. Key tenants include: Borders, HMV, Marks & Spencer, Next, H&M, Gap, and New Look.

Homebase DIY stores: The portfolio of Homebase stores comprises 12 properties. Located mainly in the South East of England consists of total floor area of 469,000 sq ft.

Nueva Condomina shopping centre, Murcia, Spain: A prime regional two storey shopping centre and retail park, together with a multiplex cinema and hypermarket, totaling 1.3 million sq ft. Tenants include the Inditex brands, Primark, H&M, FNAC, and an Eroski hypermarket.

Superstores portfolio:

The company’s Superstores portfolio includes 94 superstores located across England, Wales and Northern Ireland. Its total floor area includes 6 million square feet. Its total site area includes 542 acres. Its tenants include Morrisons/Safeway (2 stores); Sainsbury’s (41stores); Somerfield (15 stores); Tesco (35 stores); and Waitrose (1store). Its new joint venture, BL Sainsburys Superstores Limited, was formed in March 2008 and included 39 superstores across the U.K. In addition to the superstores portfolio, the company, either directly or through joint ventures, owns a further 11 food stores, predominantly let to Somerfield. Additionally it owns a further 28 units let to food retailers, on retail parks and shopping centers, totaling approximately 1.5 million sq ft.

Meadowhall, Sheffield:

Meadowhall is a shopping center covering 1.5million sq ft retail and leisure space in the United Kingdom. It consists of 213 shop units, 10 anchor stores, 11 screen WarnerVillage cinema, 25 speciality kiosks, 23 mall kiosks, 34 restaurants and cafes (including Oasis food court) seating for approximately 3,300. The Anchor stores include Bhs; Boots; Debenhams; H&M; House of Fraser; Marks & Spencer; Next; Primark; Sports World; WH Smith; and Freehold.

IN-TOWN RETAIL

The company’s in-town retail portfolio includes shopping centers, department stores and high street shops in selected locations in major towns and cities. This portfolio includes 6 shopping centers, 2.3 million sq ft, 36 department stores, 5.6 million sq ft, 23 high street shops, and 11 supermarkets. It tenants include Argos; Asda; Debenhams; House of Fraser; Marks & Spencer; Miss Selfridge; New Look; Next; Primark; River Island; Sainsbury’s; Somerfield; TKMaxx; Topshop; and Woolworths.

Eastgate shopping centre, Basildon: The Eastgate centre provides the retail offer for Basildon town centre comprising 700,000 sq ft of retail space on two trading levels, 127,000 sq ft of offices and a 2,000 space multi-storey car park. The centre is anchored by Asda and Debenhams.

The Peacocks, Woking: A long leasehold covered shopping mall of 417,890 sq ft on three

trading levels built around a central atrium. There is a direct link to the Rhoda McGaw Theatre and six-screen cinema complex, and parking for 2,500 cars. Debenhams anchors the scheme with a 137,000 sq ft store. There are a further 77 units, plus a 540 seat food court.

Bon Accord-St Nicholas centre, Aberdeen: Bon Accord-St Nicholas forms the Scottish Retail Property Limited Partnership, a joint venture with Land Securities. Anchored by John Lewis, the centre provides the critical mass for the shopping in the city, with approximately 80 retail units, leisure and office facilities.

St Stephen’s, Hull: The scheme consists of a Tesco superstore of 108,500 sq ft, a covered street providing approximately 325,000 sq ft of retail accommodation in 35 units and kiosks, plus leisure uses totaling 85,000 sq ft, including a seven-screen cinema. In addition there is a 128-bedroom, three-star hotel and car parking for around 1,500 cars. The tenant line-up includes H&M, Zara, Next, River Island, New Look, Topshop, Oasis and TKMaxx.

Department stores: The company is investor in 36 department stores, 24 owned directly and 12 owned within the BL Fraser joint venture.

High Street: These comprise 23 high street shops located in prime high street positions throughout the U.K., and 11 supermarkets located in smaller market towns.

LONDON OFFICES

Broadgate, London: Broadgate is the office estate consisting of 15 office buildings. This portfolio includes 4 million square feet of office, retail and leisure accommodation. Its major tenants include ABN AMRO Holdings; Ambac; Ashurst; Bank of Scotland; Baring Investment Services; Calyon; Close Brothers; Deutsche Bank; F&C Management; Framlington Group; Henderson Administration; Herbert Smith; ICAP; Legg Mason; Lehman Brothers; Mayer Brown; Mitsubishi Securities; Norinchukin; RCM (UK), Ltd; Reed Smith; Royal Bank of Scotland; Sempra; Societe Generale; Sumitomo Trust; Tullet Prebon; UBS; and Western Asset Management.

Regent’s Place, London: Regent’s Place comprises five buildings. The estate comprises a distinctive and striking mix of buildings, providing offices and public spaces with a range of facilities, including a crèche, health and fitness club, supermarket, coffee and sandwich outlets and wine bar. It includes one million square feet of office, retail and leisure accommodation. Its main tenants include Abbey; Atos Origin; Balfour Beatty; British Telecom; Capital One; Elexon; General Medical Council; HM Government; Hodder Headline; JP Morgan Chase Bank; Regus; and Mainly freehold.

Strategic Alliances

In September 2009, the Blackstone Group have exchanged contracts to form a joint venture for its 30 acre City of London office estate holdings in Broadgate. The Joint Venture would equally share the returns from of 4.4m sq ft estate and any future capital requirements, owning the 14 securitised Broadgate buildings and sister buildings to invest in and maintain Broadgate's status as the city's pre-eminent office campus.

In November 2009, British Land Co. plc announced that, following Shareholder approval and the relevant regulatory clearances, the formation of its Joint Venture with The Blackstone Group in respect of Broadgate completed on 3 November 2009.

Tax Status

The company qualifies as a real estate investment trust (REIT) for federal income tax purposes. As a REIT, it generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders.

History

The British Land Company PLC was founded in 1856.