Meta Forks Out $180 Million Penalty to Surrender Lease on Huge London Office
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Meta Forks Out $180 Million Penalty to Surrender Lease on Huge London Office.
British Land on Tuesday said Meta Platforms surrendered one of the two buildings it had leased at London's Regent's Place, as tech companies turn cautious about office real estate due to prevailing macroeconomic uncertainties.
The property firm said the lease surrender would lead to an earnings per share dilution of about 0.6 pence for its half-year period ending Sept. 30.
The FTSE midcap firm said it was "comfortable" with current market expectations for the 2024 fiscal year despite the move by the Facebook-owner, as it saw a better-than-anticipated collection of historic COVID-19 arrears.
British Land said 1.2 million square feet of leasing was done across the portfolio in the first five months to Aug. 31, with the returns coming in 13.1% ahead of estimated rental value (ERV).
The company last week raised its retail park estimated rental value growth outlook for fiscal year 2024 to 3%-5% from 2%-4% earlier, driven by "significant" leasing momentum in the business.
Get it now -- https://shorturl.at/nvCU5 "
-----------------------------------------------------------------------------------------------
Meta Forks Out $180 Million Penalty to Surrender Lease on Huge London Office.
British Land on Tuesday said Meta Platforms surrendered one of the two buildings it had leased at London's Regent's Place, as tech companies turn cautious about office real estate due to prevailing macroeconomic uncertainties.
The property firm said the lease surrender would lead to an earnings per share dilution of about 0.6 pence for its half-year period ending Sept. 30.
The FTSE midcap firm said it was "comfortable" with current market expectations for the 2024 fiscal year despite the move by the Facebook-owner, as it saw a better-than-anticipated collection of historic COVID-19 arrears.
British Land said 1.2 million square feet of leasing was done across the portfolio in the first five months to Aug. 31, with the returns coming in 13.1% ahead of estimated rental value (ERV).
The company last week raised its retail park estimated rental value growth outlook for fiscal year 2024 to 3%-5% from 2%-4% earlier, driven by "significant" leasing momentum in the business.
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NewsTranscript
00:00 Meta forks out $180 million penalty to surrender lease on huge London office.
00:06 Meta has paid a staggering $180 million to break its lease on a huge London office that
00:11 it never moved into, in the latest fallout from the remote work trend kick-started by
00:16 the coronavirus pandemic.
00:18 The Financial Times reported that Meta had another 18 years on its lease for the prestigious
00:23 central London building, 1 Triton Square, and had paid the equivalent of about seven
00:28 years of rent to get out of the deal.
00:31 The FT said Meta was now planning to sublet or surrender close to 1 million square foot
00:36 of office space in Europe, mostly in London and Dublin.
00:41 Meta rented the space in 2021 but never moved in.
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