British Land : New Letting at 10 Portman Square

Independent Franchise Partners latest to sign at British Land's 10 Portman Square

British Land announces today that 6,500 sq ft has been let to investment management company Independent Franchise Partners LLP at 10 Portman Square. The company will occupy part of the first floor of the building.

Independent Franchise Partners will join asset management firm Arrowgrass, which signed to occupy the 18,534 sq ft third floor in May. The building is also home to Aramco and Aspect Capital.

The latest deal means 10 Portman Square, which provides 113,700 sq ft of Grade A office space over seven floors, is just over 75% let. The building, completed last year, was part of British Land's 2010 Development Programme comprising 2.7 million sq ft, of which circa 820,000 sq ft has been delivered in the West End. The 2010 Development Programme is now 78% let or under offer.

Award-winning architecture and interior design practice Jestico+Whiles led the design of 10 Portman Square, which offers column-free floorplates of 18,500 sq ft and benefits from natural light on all four sides and stunning views across Portman Square.

James Danby, Head of Office Leasing, British Land , said:  "Demand for office space at 10 Portman Square has been very strong since we launched the building a year ago, owing to the exceptional design and its location, just a stone's throw from Mayfair. We are naturally very pleased to have let space to Independent Franchise Partners and we look forward to welcoming them to the building."

Jones Lang LaSalle and Knight Frank represented British Land. GN2 represented Independent Franchise Partners.

For more information on 10 Portman Square please visit www.10portmansquare.com

Enquiries:

Media

Investor Relations

Sally Jones, British Land                                    020 7467 2942

Media

Giles Barrie, FTI Consulting                                020 3727 1042

Andrew Scorgie, FTI Consulting                         020 3727 1458

About British Land

We are one of Europe's largest publicly listed real estate companies. We own, manage, develop and finance a portfolio of high quality commercial property, focused on retail locations around the UK and London Offices & Residential. We have total assets in the UK, owned or managed of £17.8 billion (British Land share of which is £12.0 billion), as valued at 31 March 2014. Our properties are home to over 1,000 different organisations and receive over 300 million visits each year. Our objective is to deliver long-term and sustainable total returns to our shareholders and we do this by focusing on Places People Prefer. People have a choice where they work, shop and live and we aim to create outstanding places which make a positive difference to people's everyday lives. Our customer orientation enables us to develop a deep understanding of the people who use our places. We employ a lean team of experts, who have the skills to translate this understanding into creating the right places, and we have an efficient capital structure which is able to effectively finance these places.

UK Retail assets account for 53% of our portfolio. As the UK's largest listed owner and manager of retail space, our portfolio is well matched to the different ways people shop today, from major regional shopping centres to single occupier locations. We are focused on being the destination of choice for retailers and their customers by being the best provider of spaces and services. Comprising around 25 million sq ft of retail space across 66 retail parks, 85 superstores, 15 shopping centres, 12 department stores and 77 leisure assets, the retail portfolio is modern, flexible and adaptable to a wide range of formats.

Our Office and Residential portfolio, which accounts for 47% of our portfolio, is focused on London. We have an attractive mix of high‑quality buildings in well‑managed environments and a pipeline of development projects which will add significantly to our portfolio. Increasingly, our offices are in mixed-use environments which include retail and residential elements. Our 7.3 million sq ft of high quality office space includes Regent's Place and Paddington Central in the West End and Broadgate, the premier City office campus (50% share).

Our size and substance demands a responsible approach to business. We believe leadership on issues such as sustainability helps drive our performance and is core to the delivery of our overall objective of driving shareholder value and creating Places People Prefer.

Further details can be found on the British Land website at www.britishland.com