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British Land aims to terminate London lease with Gazprom

British Land, one of the UK’s largest landlords, said it was planning to cut its lease agreement with central London-based Gazprom’s global commercial arm as more and more Many businesses have sought to cut ties with the Russian state energy company because of the war in Ukraine.

Gazprom Marketing & Trading (GM&T), the global energy business arm of the Russian gas giant, is headquartered in London and is located on the top floors of 20 Triton Street, a block east of St. Regent Park.

British Land said it would try to walk away from the deal as soon as possible.

“We have a historic contractual agreement with Gazprom at Regent’s Place and will exit the agreement as soon as legally possible,” British Land said, adding that it was shocked and saddened. before events in Ukraine.

“This is a complex, fast-moving situation and we will continue to review all measures available to us, while fully complying with sanctions requirements.”

GM&T suffered a series of blows this week when a number of customers and suppliers announced their intention to withdraw from contracts with the group in protest of the events in Ukraine.

Centrica, Britain’s largest energy supplier, said on Tuesday that it has find a way out of the gas supply contract with GM&T dates back to 2012 but has been renewed several times, most recently last year. The latest extension is expected to run through 2025.

Eon, Britain’s second-largest energy supplier, also said on Tuesday that it was seeking an “early termination” of its “legacy” contract with the Russian group.

British gas producer IOG this week decided to withdraw from the deal gas supply from one of the UK’s newest North Sea sectors to GM&T. The agreement was signed in July last year.

GM&T is a significant global force in the energy business and employs around 900 people in London and eight other international offices, details of its agreement with London-listed IOG published last year.

It trades gas produced around the world, including in the North Sea, and also has a significant UK retail arm, Gazprom Energy, which accounts for about a fifth of the market for corporate supplies, selling gas combustion for industries, businesses and the public sector. organizations.

The most recent annual report shows that GM&T paid £179 million in dividends to its direct parent company, Gazprom Germania, in 2020 after generating profits that year of £236 million. Its last parent company was PAO Gazprom in Russia.

GM&T did not immediately respond to a request for comment.

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