The Great Ropemaker Partnership, the joint venture between property company Great Portland Estates and Ropemaker Properties, said publishing group UBM has signed up to be a tenant at its 240 Blackfriars Road property in London.
Ropemaker Properties is the property arm of the BP pension fund.
UBM has taken 105,649 square feet (sq. ft.) of the property. Construction of the building is due to start this month with completion scheduled for March 2014.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
UBM won't be the only tenants; 240 Blackfriars Road is a 237,000 sq ft development of which 4,822 sq. ft. is reserved for retail space.
UBM will occupy the top nine floors in the 20 storey office building with 2,196 sq.ft. of "ancillary" space on the ground and basement levels.
Commenting on the transaction, Neil Thompson, Portfolio Director of Great Portland Estates (GPE) said, "240 Blackfriars Road will be a prominent, high quality building of outstanding design which will help to continue the regeneration of this part of the South-bank."
Over the last 12 months Great Portland shares have gained 2.25%, outperforming the FTSE 100 which has lost 4.34%.
BS
-
The top stocks in the FTSE 100After a year of strong returns for the UK’s flagship index, which FTSE 100 stocks have posted the best performance in 2024?
-
A junior ISA could turn your child’s pocket money into thousands of poundsPersuading your child to put their pocket money in a junior ISA might be difficult, but the pennies could quickly grow into pounds – and teach them a valuable lesson about money
