Corporation Of London Buys Back Spitalfields Site From LIFFE

The London International Financial Futures and Options Exchange (LIFFE) today announced that an agreement had been reached with the Corporation of London for an early buy back of LIFFE's Spitalfields site in London. The deal has the full support of the Spitalfields Development Group. Judith Mayhew, Chairman of the Corporation of London's Policy & Resources Committee said: "At a time when Spitalfields was a realistic occupational option for LIFFE, the Corporation of London was pleased to support this major City financial market in securing the site. With changing times, the Corporation is now equally pleased to play its part together with the London Borough of Tower Hamlets and Spitalfields Development Group in making this huge regeneration site available with its VAT free advantages, for other key occupiers." Hugh Freedberg, LIFFE's Chief Executive, said, "Part of our strategy, announced last November, is to reduce costs significantly. One of our objectives is to drastically cut the amount of real estate we have and this agreement is an important step forward in achieving this objective." Peter Friend, LIFFE's Managing Director of Finance and Operations who led the negotiating team that included Gill North of CB Hillier Parker, said "LIFFE is committed to reducing the size and cost of its property portfolio, so we are very pleased with this agreement. Both the City and Spitalfields Development Limited see this as a positive move towards promoting this important site after a period of uncertainty."