Great Portland Estates plc announces that it has restructured the occupational lease with Intesa Sanpaolo S.p.A. (“Intesa”) at 90 Queen Street extending the term certain from under three years to ten years.
Following the restructuring, the new lease arrangement has a term of fifteen years with an occupier break at year ten and rent reviews in the fifth and tenth years. The previous lease was for a term expiring in March 2017 with an occupier only break in September 2013. As a result of the renegotiation, the rent payable by Intesa has been reduced. Including the retail space, the weighted average unexpired lease term across the building has increased from 3.8 years to 10.0 years.