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This Transaction will introduce another experienced property developer into the shareholder base of Global Switch, and will provide additional funding of up to 280 million euros and a listing on the Milan Stock Exchange. The implied purchase consideration for 100% of Global Switch is 495 million euros, Laing Property's joint venture with the Bank of Scotland is proposing one of Reading's largest ever town centre redevelopments.


The proposal is to replace the infamous octagonal "Metal Box" building with 625,000 sq ft of offices. Energies, a stakeholder in the scheme, plan to accommodate growth in the new building making them one of Reading's major employers. residential property conveyancer in brisbane can be exceptionally befuddled and in this way legitimate help is ordinarily looked out.

Laing Property and Energis have negotiated flexible lease terms until 2013 giving immediate return to Laing Property, and Energis options to pre-let part or all of the space. We have worked closely with Energis over the last 9 months to create a superb development opportunity while allowing them to stay and expand in Reading. The partnership with Energis reflects our focus on delivering flexible office accommodation and our long term confidence in the Thames Valley market.

The new scheme will comprise 160,000 sq ft gross over 6 floors on the Gym site, 213,000 sq ft gross over 8 floors on the Energis House Site and 252,000 sq ft gross over 10 floors on the former NCP car park site. It will be redeveloped in three phases to allow for the demolition of the current main building, the transformation of the current gym site and new building onto the car park. The joint venture aims to begin work by early 2002 and has granted Energis a five-year option on the car park and a three-year option on the gym site. has stepped up its expansion plans after securing five new UK sites totaling more than 19,500 sq m (210,000 sq ft).

The JV, which was formed in February 2000, has taken space at new high quality office developments in Watford, Slough, Bracknell, Edinburgh and Leeds as part of its plan to open a network of 20 serviced offices throughout the country in the next four years. We are pleased with our current momentum of finding new sites and aim to maintain this for the foreseeable future. We are currently focusing on UK provincial towns, including a number of opportunities in Manchester and the Midlands.