formal letter of intent to take over 71,000 square feet of office space at the Bermuda Financial Centre, once the complex is built in the City of Hamilton.

BFCL president, the Hon. Michael Winfield said that the offices leased to Centre Re would represent some 30 percent of the total available office space at the complex.

"Centre Re will occupy the top floors of the Centre building. We are delighted to welcome this prestigious international reinsurance company to the Bermuda Financial Centre.'' Mr. David Brown, executive vice president of Centre Re, said that he was pleased to be the first major tenant of the development.

"We believe this to be the prime location in Bermuda and will truly become Bermuda's financial centre. '' BFCL announced this week that it will be phasing the development of the entire project, with the office complex beginning in the spring of 1995, and tenants gaining occupancy in the spring of 1997.

The hotel and residences will be constructed at a later time, once financing for those elements is secured.