Land Securities : Resolution to grant planning permission secured

RNS Number : 4126F Land Securities Group PLC 20 February 2018

Landsec announces it has secured a resolution to grant a revised planning permission for its proposed 564,000 sq ft development at 21 Moorfields, EC2.

In July 2017 Landsec and Deutsche Bank exchanged a pre-let agreement for the bank's new London headquarters at 21 Moorfields on a 25-year lease, conditional on achieving revised planning consent, with Deutsche Bank committing to take a minimum of 469,000 sq ft. Landsec and Deutsche Bank have collaborated on the design, which will deliver a world-class headquarters for one of the largest employers in the City.

Landsec had already committed to construct the substructure, which is due to complete in March 2019 and now expects that construction will continue straight through to practical completion, anticipated in November 2021.

Colette O'Shea, Managing Director, London Portfolio, Landsec, said: "We welcome the resolution to grant planning permission and look forward to continuing to work in partnership with Deutsche Bank and the City of London Corporation to deliver this strategically important site."

Chris Hayward, Planning and Transportation Committee Chairman, City of London Corporation, said: "We are delighted to have unanimously approved the scheme for the new Deutsche Bank headquarters at 21 Moorfields. With the Elizabeth line supporting the creation of an estimated 63,000 jobs in the City of London and Isle of Dogs, this office, located above a future station, fits in well with the City's ambitions for growth. Deutsche Bank's move demonstrates a high level of confidence in the City of London as a leader in financial and professional services. The City Corporation remains committed to supporting businesses with an additional 1.37 million square meters of office space under construction that has the potential to accommodate 85,000 workers."

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About Landsec

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 23.7 million sq ft of real estate and a portfolio valued at £14.2 billion, we own and manage some of the most successful and recognisable assets in the country.

In London, our portfolio totals more than £7.8 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 17.2 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 atlandsec.com

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