BBC lines up property plan with Trillium

British pubcaster finds developer/manager

LONDON — The BBC has green lit its ambitious property development plans through a management deal with real estate group Land Securities Trillium.

Trillium has been awarded a contract to manage the BBC’s existing properties and to develop another 550,000 square feet of space for the pubcaster.

Over the next two years, Trillium will invest £220 million ($325 million) in the expansion of the BBC’s White City site in west London. A music center and an additional six buildings will be built.

In addition, Trillium is making a one-off payment of $51 million to the BBC, which will go towards programming.

For its part, the BBC will pay Trillium $51 million per year to manage its properties until 2003, when the development will be complete. After that, the BBC will pay $102 million a year.

The value of the deal is roughly $3 billion over 30 years, considerable less than the Beeb would spend if it continued to manage its properties itself.

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