May 15, 2001
Chairman, Sir Nigel Mobbs commented:
“I am pleased to say that so far the Group has not been greatly affected by any weakening in demand despite the changing economic conditions having had some impact upon business confidence. The Group’s strengths do provide protection as our portfolio is diversified by location, range of customers and spread of uses.
“Our continuing development programme is significant but much of it is already pre-leased. In the light of prevailing economic conditions, we will adopt a measured approach to new projects but we do believe that our focus on strong market analysis, conservative cost estimation and knowledge of locations will enable us to maintain positive momentum.
“Here in the UK we are concentrating new construction at Farnborough, Cambridge and Slough. In Europe we continue with the development of the successful Pegasus Park in Brussels and with logistics buildings in Belgium. France and Germany.
“In California pre-leasing demand for laboratories at our new Oyster Point location is healthy.
“The successful issue of £150-million 7% 21-year-bonds in March has further strengthened our balance-sheet and we have the financial strength to pursue our strategy of substantial development in prime business centres to enhance shareholder value.”