Decision details

The Sub-Committee considered the grant of a reversionary lease at Thames Tower.

The Asset Manager summarised the terms of the lease as well as the financial risks and benefits of approving the lease variation versus re-letting the space.

The Sub-Committee resolved to:

1)    Approve the grant of a reversionary lease extending the term of the existing lease in accordance with the Heads of Terms set out in Appendix 1; and

2)    Authorise the Group Head of Assets in consultation with the Chair and Vice-Chair of the Commercial Assets Sub-Committee to agree to any variations to the proposed terms; and

3)    Authorise the Group Head of Corporate Governance to enter the Reversionary Lease, Deed of Variation and any associated legal documentation.