(Bloomberg) -- Landlord British Land Co. said it plans to exit its rental contract with Gazprom in central London as soon as possible in the wake of Russia’s invasion of Ukraine.

British Land plans to exit the arrangement for the offices of Gazprom Marketing & Trading Ltd., a subsidiary of the gas giant run by the Russian state, according to an emailed statement to Bloomberg News on Wednesday. 

“We have an historical contractual agreement with Gazprom at Regent’s Place and will exit this arrangement as soon as we legally can,” said the company, adding it was shocked and saddened by events in Ukraine. “This is a fast-moving, complex situation, and we will continue to review all measures that are available to us, while remaining fully compliant with sanctions requirements.”

The trading arm occupies the top floors of 20 Triton Street, a block on the east side of London’s Regent’s Park. The unit trades gas, power emissions in the European market and supplied over a fifth of U.K. industrial and commercial gas in 2020, it said in a filing.

Gazprom M&T has 450 employees in London and the location allows the company to form “excellent relationships” with major energy players throughout Europe, it says on its website.

Gazprom is one of British Land’s top 10 clients by rents paid for office properties, ahead of Microsoft Corp., Vodafone Group Plc and Deutsche Bank AG, according to a company filing last year.

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