British Land sells 75% stake in West End buildings for £401m
Allianz Se
€292.20
16:30 04/10/24
0.33%
€0.95
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.
British Land Company
428.20p
16:45 04/10/24
-1.34%
-5.80p
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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.