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We Are Real Estate Investors and Create Value by Actively Managing

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We Are Real Estate Investors and Create Value by Actively Managing London Office Developments Tour Tuesday, 10 October 2006 We are real estate investors and create value by actively managing, financing and developing prime commercial property to provide the environment in which modern business can thrive. Introduction Outline Office Strategy, Outlook & Activity Tim Roberts Co-Head of Asset Management London Office Market John Forrester Head of Central London Markets, DTZ London Development Pipeline Nigel Webb Head of Developments Project Delivery Richard Elliott Head of Construction Lettings Strategy & Update Paul Burgess Head of London Leasing London Office Developments Tour Figures based on 30 June 2006 Office Strategy, Outlook & Activity Tim Roberts Co-Head of Asset Management, with responsibility for Offices London Office Developments Tour Figures based on 30 June 2006 Strategy Office Portfolio Strategy Strategy Investment concentrated on markets and buildings with positive supply/demand characteristics – Bias towards London offices with favourable long-term demand characteristics Intense focus on providing occupiers with the right space – Detailed focus on location, quality, efficiency, flexibility and service – Bias towards high quality buildings with enduring demand Strong emphasis on pro-active asset management – Intensified asset management including take backs, lease regears, refurbishment and development Active portfolio reshaping to optimise customer appeal, work our capital and improve risk adjusted returns Development focused on occupier requirements, timed to suit cycles of supply/demand London Office Developments Tour Figures based on 30 June 2006 1 Market Outlook London Office Market Outlook Strategy focused on 5 themes Total supply falling with London vacancy rates at 6.1%1, City 8.5%1 City Vacancy2 Concentration on supply/ demand 16 Take-up strong in the City, with Customer focus - providing healthy levels of demand 14 the right accommodation BL Forecast 3 12 Assuming average take up Pro-active asset management vacancy rates will continue to fall, 10 as supply is being delayed 8 Active recycling of capital Vacancy % 6 Well timed and customer Prime headline City rents in 2006 focused development 4 programme already have increased from 1 1 £50 psf to £55 psf , plus letting 2 incentives reduced 0 2003 2004 2005 2006 2007 2008 2009 Outlook is for attractive growth in rents, but since increased supply is likely over time the right product and timing are key London Office Developments Tour 1 Jones Lang LaSalle September 2006 (provisional) 2 Jones Lang LaSalle and BL Forecast Figures based on 30 June 2006 3 10 year average take up 5.25m sq ft pa 2 Strategy & Activity £5.3bn Prime Offices - Meeting Occupiers’ Requirements Broadgate Regent’s The Willis Strategy focused on 5 themes Place Building £5.3bn portfolio, 35% of British Land’s portfolio Concentration on supply/ demand 6.2m sq ft of prime office Customer focus - providing investments in City & West End the right accommodation Pro-active asset management 4m sq ft of London office developments Active recycling of capital £0.6bn (0.8m sq ft), ‘look through’ Well timed and customer York The Broadgate Tower The Leadenhall investment in Canary Wharf (10%) focused development House & 201 Bishopsgate Building programme £41.70 psf average contracted London office rent1 Average lease length to first break more than 10 years 2 Low vacancy rate of 4% London Office Developments Tour 1 Average contracted passing rent (post expiry of rent free periods) 2 Excluding asset management voids Figures based on 30 June 2006 3 Strategy & Activity £5.3bn Prime Offices – Increasing Customer Focus Strategy focused on 5 themes More than 420 occupiers across the London Office portfolio Concentration on supply/ demand Committed to greater understanding of our customers’ needs and Customer focus - providing providing buildings of choice: the right accommodation – Functional, efficient with flexible floor plates Pro-active asset management – Offering architectural merit, plus attractive working environment Active recycling of capital – Positioned in improving/enduring locations Well timed and customer focused development programme Committed to providing customers with high levels of support and service – Broadgate Estates flagship management services across the portfolio – Issued a ‘Service Commitment’ to improve management of buildings – Regular occupier communication and contact – Compliance with new service charge code – Landlord and tenant environmental working group at Broadgate London Office Developments Tour Figures based on 30 June 2006 4 Strategy & Activity Pro-active Asset Management to Enhance Returns Strategy focused on 5 themes Agreed take back of over 116,000 sq ft for re-letting to establish new rental levels at Broadgate & Regent’s Place: – 38,000 sq ft at 155 Bishopsgate now refurbished for marketing at £55 psf Concentration on supply/ demand – Agreed terms to take back 66,000 sq ft at 6 Broadgate – Take back of 12,700 sq ft at 338 Euston Road with plans to refurbish and market in Q1 2007 Customer focus - providing the right accommodation Rent review cycle to capture future rental growth – 1.7m sq ft at Broadgate due for review in 2008/9 with average passing Pro-active asset management rent of £43 psf – 376,000 sq ft at Regent’s Place due for review in 2007 with average Active recycling of capital passing rent of £36 psf Well timed and customer Lease re-gears focused development – At 1,4&7 Triton Square, lease re-gear completed with JP Morgan on programme 83,000 sq ft to extend term certain by 5 years Good lettings progress confirms growing improvement in City occupational market and increased rental levels at Broadgate – First £50 psf headline new letting in Broadgate this cycle – At Plantation Place South, 25,000 sq ft under offer at £47.50 psf, with 60,000 sq ft to let at increased asking terms of £49.50 psf Broadgate 2020 master-planning exercise to establish future development potential London Office Developments Tour Figures based on 30 June 2006 5 Strategy & Activity Broadgate 2020 Broadgate currently low rise and low Highest Redevelopment Potential density Moderate Redevelopment – Buildings range from 7-13 floors Potential Low Redevelopment – Gross plot ratio of 5:1 Potential Narrowing of view corridors will offer increased future redevelopment potential Master-planning exercise examining long- term future potential to increase density Critical factors to be considered: – Lease expiries – View corridors – Liverpool Street station/ Crossrail – Conservation areas and Rights of light Potential total uplift in building area of over 1.2m sq ft London Office Developments Tour Figures based on 30 June 2006 6 Strategy & Activity Value Creation - £1.7bn Sales & Purchases in 20061 Strategy focused on 5 themes Taking advantage of strong investment market to sell properties with low or riskier growth profiles Concentration on supply/ demand £1.5bn disposals (£1.1bn net) completed/exchanged in 2006 to date, 11% above Customer focus - providing December 2005 valuation the right accommodation Office Disposals Price BL Share Pro-active asset management £m £m Plantation Place, EC3 527 527 Active recycling of capital CityPoint, EC2 520 187 Well timed and customer Plumtree Court, EC4 120 43 focused development programme 133 Houndsditch, EC3 110 110 51 Eastcheap, EC3 55 55 2-12 & 20-21 Cornwall Terrace, NW1 50 50 Provincial Offices 102 102 Total in 2006 to date1 1,484 1,074 £190m of acquisitions in 2006 to date, including Ropemaker Place, and recycling capital into £2.3bn2 of committed and prospective London developments London Office Developments Tour 1 January to August 2006 2 June 2006 valuation plus costs to complete and notional interest to PC Figures based on 30 June 2006 7 Strategy & Activity Well Timed & Customer Focused London Developments Strategy focused on 5 themes York The Willis 35 Basinghall One Coleman Ludgate The Ropemaker Regent’s The House Building Street Street West Broadgate Place Place - Leadenhall (138,100 sq ft) (475,000 sq ft) (199,000 sq ft) (180,000 sq ft) (127,000 sq ft) Tower & 201 (548,000 sq ft) Osnaburgh Building Concentration on supply/ Bishopsgate Street (601,000 sq ft) demand (822,000 sq ft) (490,000 sq ft) Customer focus - providing the right accommodation Pro-active asset management Pre-let Active recycling of capital Well timed and customer Pre- Pre- focused development sold sold programme 2006 2007 2008 2009 2010 0.1m sq ft 1.0m sq ft 0.8m sq ft 1.0m sq ft 0.6m sq ft London Office Developments Tour Figures based on 30 June 2006 8 Central London Office Market Outlook to 2010 John Forrester Head of Central London Markets, DTZ London Office Developments Tour Figures based on 30 June 2006 12 DTZ London Office Developments Tour Figures based on 30 June 2006 9 DTZ Central London Take Up and Availability Annual 35.0 Million sq ft Million sq ft 25 30.0 20 25.0 15 20.0 15.0 10 10.0 5 5.0 0.0 0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Availability Take Up Note: Take Up is a quarterly rolling annual total (left axis) (right axis) Source: DTZ Research London Office Developments Tour Figures based on 30 June 2006 10 10.00 9.00 8.00 Million sq ft 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 2010 2009 2008 11 2007 City Take Up and Availability Quarterly 2006 2005 Source: DTZ Research 2004 2003 2002 2001 Million sqCity ft Take Up and Availability Quarterly Take Up/ Projected Demand (right axis) DTZ 2000 16.0 1999 14.0 1998 1997 12.0 1996 10.0 1995 8.0 1994 6.0 1993 1992 Availability/ Projected Availability 4.0 (left axis) 1991 2.0 1990 0.0 Note: Take Up is a LondonRolling Four-Quarter Office Developments Total Tour Figures based on 30 June 2006 DTZ City Sources of Demand City Sources of Demand 1985 - 2004.
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