Sale of 2-3 Triton Square
BRITISH LAND SELLS ABBEY HEADQUARTERS
The British Land Company PLC has completed the sale of 2-3 Triton Square, Regent's Place, London NW1, to Abbey, which is part of Grupo Santander, for £115 million, reflecting a net initial yield of 7.2%.
The 200,000 sq ft Grade A office accommodation was developed by British Land in 2002 and is let in its entirety to Abbey Plc on a lease expiring in April 2022. The current passing rent is £8.68m per annum.
Tim Roberts, Director of British Land and Head of Offices said: "As well as being a significant occupier at Regent's Place, Abbey will now become an important stakeholder in this 13 acre estate. We remain committed to Regent's Place and will complete our latest, high-class office developments - Regent's Place One and Regent's Place Two - later this year. The sale is in line with our strategy to recycle capital towards opportunities which will offer greater risk adjusted returns in the future."
Jones Lang LaSalle and SJ Berwin acted for British Land.
Notes to Editors:
Regent's Place currently comprises 5 buildings encompassing approx. 1 million sq ft of office, retail and leisure accommodation, with around 7,000 workers on the estate. This is set to double in size to c. 2 million sq ft with 14,000 workers and residents.
The new phase of Regent's Place due for completion towards the end of Q3 includes two office buildings, encompassing 370,000 sq ft. All 110,000 sq ft residential units have been pre sold.
Improvement works are being carried out to the public areas of Regent's Place and new pedestrian crossing points on the Euston Road are planned. British Land will continue to manage and maintain the integrity of the whole Estate through its subsidiary, Broadgate Estates.
British Land is one of the UK's largest Real Estate Investment Trust with total assets, owned or under management, valued at £13.7 billion, as at 30 December, 2008.
The portfolio, focused on the Out of Town Retail and London Office sectors, has the longest leases (average 13 years) and occupancy rates (96 per cent) amongst the highest of the major UK REITs.
The hallmark of the business is a focus on customers leading to a portfolio of some 40 million sq ft in prime locations in the UK and more recently in Western Europe. Active management of these assets, purchases and sales and new development activity, tailor the property holdings to meet the needs of occupiers and the communities of which they are part.
Retail assets account for 59 per cent of the portfolio - 83 per cent located at prime out-of-town sites. Offices account for 39 per cent of the portfolio, of which 99 per cent is London-based. New office and retail developments - accounting for circa 5% of the total portfolio - complement these holdings.
Sustainability is at the core of its business - from community involvement in the planning process, through development, refurbishment and management - and the aim is to provide attractive buildings that minimise resource use and meet the needs of occupiers today and tomorrow.
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Date: Friday, 3 April 2009
This information is provided by RNS
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