Press Release

KAUPTHING BANK MOVES UK HQ TO ONE HANOVER STREET

9 November 2005

The Crown Estate and Stanhope Plc are delighted to announce that Kaupthing, the Icelandic bank has taken four floors of the prestigious West End office location, One Hanover Street, W1, to be their new UK headquarters.

The move follows Kaupthing’s take over of Singer & Friedlander Bank, which significantly increases its representation in the UK. Kaupthing will be moving from two sites, New Bond Street W1 and New Street, EC2.

Kaupthing have taken 93,000 sq ft and will join Apple who have moved their European headquarters to One Hanover Street, which means the building is now fully let.

David Shaw, Head of Regent Street Strategy and Development at The Crown Estate, said: “It is fantastic that Kaupthing has chosen One Hanover Street to be their new home in London. One Hanover Street is a very special building; combining the heritage of Regent Street, with large, modern office space, situated right in the heart of the West End. Throughout our discussions with Kaupthing both The Crown Estate and Stanhope worked hard to understand their needs as a business and as an employer. Kaupthing’s decision shows that the West End is great location for major corporate business.”

Henry Williams of Stanhope Plc said: “This is great news both for The Crown Estate and the West End office market. It reinforces the current trend by occupiers to look at the central London market as a whole. It’s all about getting the right workplace which meets the needs of modern businesses. The creation of large floorplates at One Hanover Street in the centre of the West End has proved to be highly successful in attracting the UK headquarters of two international companies.”

One Hanover Street is the office location of the joint development of 229 – 247 Regent Street by The Crown Estate and Stanhope Plc. This development was the first to be completed as part of The Crown Estate’s Vision for Regent Street that will see over £500 million invested to help create a world class international destination. 229 – 247 Regent Street is home to the retailers Apple, Ted Baker, Lacoste, Karen Millen and Quiksilver.

Kaupthing were represented by CBRE and The Crown Estate and Stanhope by Jones Lang LaSalle.