Great Portland secures new tenant for Blackfriars Road

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.

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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