British Land to Sell Stake in London Buildings for GBP401 Million
By Jaime Llinares Taboada
British Land Co. said Wednesday that it has agreed the sale of a
75% interest in three buildings in the West End of London for 401
million pounds ($535.9 million).
The FTSE 100 real-estate group said the sale is to Allianz Real
Estate and represents a blended net initial yield of 4.32%, and a
premium to the September book value. The deal is expected to close
"Having delivered outstanding office space and attracted high
quality occupiers, we are thrilled to have secured Allianz Real
Estate as our partner and crystallized significant value for
shareholders," Chief Executive Simon Carter said.
British Land said the transaction brings its fiscal 2021 asset
disposals to date to GBP1.1 billion.
Write to Jaime Llinares Taboada at email@example.com;
(END) Dow Jones Newswires
December 23, 2020 02:26 ET (07:26 GMT)
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