British Land Co PLC Sale of Clarges (6490F)
November 18 2020 - 1:01AM
UK Regulatory
TIDMBLND
RNS Number : 6490F
British Land Co PLC
18 November 2020
British Land agrees sale of Clarges, Mayfair to Deka for
GBP177m
18 November 2020
British Land is pleased to announce it has completed on the sale
of Clarges Mayfair to Deka for GBP177m, 7.6% above the September
2020 valuation.
Clarges represents a landmark mixed-use development for British
Land. The site was acquired in 2012 and the redevelopment was
completed in 2017, delivering over 50,000 sq ft of world class
office space, 34 super prime residential apartments and nearly
15,000 sq ft of high quality retail. It is an excellent example of
creating value through the strength and depth of our capabilities,
across planning, development, asset management, leasing and
investment.
Simon Carter, incoming CEO at British Land, said: "Clarges is a
fantastic example of our ability to create outstanding mixed-use
places and drive value through development. The sale is in line
with our focus on active capital management, recycling out of more
mature assets and positioning us to progress our value accretive
London development pipeline, focused on our mixed use campuses and
Canada Water."
The offices and retail space are fully let, with retail
occupiers including Le Comptoir Robuchon, Le Deli Robuchon and a
Porsche showroom.
Deka was advised by Savills and Simmons & Simmons, and
British Land was advised by CBRE and Mayer Brown.
Enquiries :
Investors & Analysts: David Walker 07753 928 382
Media: Charlotte Whitley 07887 802 535
Notes to Editors
About British Land
Our portfolio of high quality UK commercial property is focused
on London Offices and Retail around the UK. We own or manage a
portfolio valued at GBP13.7bn (British Land share: GBP10.3bn) as at
30 September 2020 making us one of Europe's largest listed real
estate investment companies.
Our strategy is to provide places which meet the needs of our
customers and respond to changing lifestyles - Places People
Prefer. We do this by creating great environments both inside and
outside our buildings and use our scale and placemaking skills to
enhance and enliven them. This expands their appeal to a broader
range of occupiers, creating enduring demand and driving
sustainable, long term performance.
Our Offices portfolio comprises three office-led campuses in
central London as well as high quality standalone buildings and
accounts for 65% of our portfolio. Our Retail portfolio is focused
on retail parks and shopping centres, and accounts for 31% of our
portfolio. Increasingly our focus is on providing a mix of uses and
this is most evident at Canada Water, our 53 acre redevelopment
opportunity where we have plans to create a new neighbourhood for
London.
Sustainability is embedded throughout our business. Our places,
which are designed to meet high sustainability standards, become
part of local communities, provide opportunities for skills
development and employment and promote wellbeing. In April 2016
British Land received the Queen's Award for Enterprise: Sustainable
Development, the UK's highest accolade for business success for
economic, social and environmental achievements over a period of
five years.
Further details can be found on the British Land website at
www.britishland.com
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END
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