LONDON, April 3, 2003 (PRIMEZONE) -- Old Mutual plc ("Old Mutual") (Other OTC:ODMTF) has exercised a break option, effective from October 2003, over its the lease of its current head office premises at Lansdowne House in Berkeley Square, London. With effect from October 1, 2003, Jim Sutcliffe, Old Mutual's Chief Executive and the rest of Old Mutual's head office team will be relocating to Old Mutual Place, 2 Lambeth Hill, EC4V 4GG.Old Mutual Place is a 200,000 sq ft building in the City which is already home to UK operating subsidiaries, Gerrard and GNI Fund Management.
The move will lead to reduced property costs and will facilitate other operating efficiencies. Old Mutual Place is held under a lease expiring in 2013 with a rental significantly below West End rental levels.