BL set for City coup

Article Abstract:

British Land, the second-largest quoted company in the UK, has reached a sale-and-leaseback deal with UBS for 100 Liverpool Street, in Broadgate, London, England. This deal is worth more than 230 million pounds sterling at a yield of almost 7%. It is believed that British Land is considering wrapping up Broadgate into an investment vehicle along the lines of a Real Estate Investment Trust by 2001. There will now be only two buildings within the Broadgate development not under British Land's control.

England, Real estate industry, British Land Company PLC

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A new dust jacket on an old plot

Article Abstract:

The project to construct the British Library on a site in St Pancras, London, England has been beset by bad management and lack of a financial plan. The library was originally due to open in the late 1980s but will now open in 1996. The cost of the project now stands at 496 mil pounds sterling some 385 mil pounds sterling than was originally budgeted for. Until the library is completed 100 mil pounds sterling refurbishment plans for the British Museum must be put on hold.

Institutional Buildings, Construction, Finance, Design and construction, Buildings, Libraries

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New orthodoxy

Article Abstract:

Orthodox Jews Eliasz Englander and Berish Berger have purchased Governor's House in the City of London, England, for 78 million pounds sterling. The deal reflects a 6.6% net initial yield from Prudential, which in Mar 1998 agreed to pay 464 pounds sterling per sq mt for the building on a 20-year lease. Berger and Englander are directors or secretaries of more than 170 companies, and they are believed to own property assets worth around 500 million pounds sterling.

Englander, Eliasz, Berger, Berish

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