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British Land to sell West End offices for £401m
StockMarketWire.com
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Commercial property company British Land said it had exchanged contracts on the sale of its 75% stake in a portfolio of three buildings in the West End to Allianz Real Estate for £401 million.
The transaction represented a blended net initial yield of 4.32%, a premium to September book value and was expected to complete in January, the company said.
This transaction, on behalf of several Allianz group companies, demonstrated 'our commitment to recycle capital out of assets not aligned to our core focus on mixed use London campuses, providing greater flexibility to invest in developments...' it added.
Story provided by StockMarketWire.com
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