Croxley Business Park lease

Descriptions

The Council will lease Croxley Business Park, Hertfordshire (the Property) — 40 year term total rent 368 000 000 GBP (indexed) from Sackville UKPEC3 Croxley Nominee 1 Ltd and Sackville UKPEC3 Croxley Nominee 2 Ltd as Trustees for Sackville UKPEC3 Croxley (GP) Ltd the general partner of Threadneedle UKPEC3 Croxley LP (the Landlord). The Council has the option to acquire (for a nominal sum) from the Landlord the freehold of the property. The property is an office park occupied by business tenants. The Landlord will construct a new office building (detailed in ii.2.4). These works are funded by the Landlord (who has designed and specified them to its contractors). Incidental to the lease to ensure continuation of services to the business tenants the existing asset and property services managers (detailed in ii.2.4), shall continue to provide the services they have historically delivered. It is not the Council's intention that these management functions will be enduring arrangements.