British Land sells 75% stake in West End buildings for £401m

British Land said it had sold a 75% interest in a portfolio of three buildings in the West End to Allianz Real Estate for £401m.

The sale brings total asset disposals to date in full-year 2021 to £1.1bn. British Land will form a new joint venture with Allianz, continue to manage all three buildings and receive an asset management fee, the company said on Wednesday.

The transaction represents a blended net initial yield of 4.32%, a premium to September book value and is expected to complete in January.