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 in January.

"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 jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

December 23, 2020 02:26 ET (07:26 GMT)

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