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- Deal will see Royal London pay £192.5m for 50% stake in 1 Triton Square
- The Euston office was rented by Meta, owner of Facebook.
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British Land has sold half its stake in the Euston office building, which formerly housed Facebook owner Meta, to Royal London Asset Management.
He sold the 50 per cent stake in 1 Triton Square, Regents Place, to Royal London for £192.5 million and the two men will now operate the building as a joint venture.
Last year, Meta paid British Land a buyout premium of £149m in order to terminate its lease on the building.
The deal will see British Land sell 50% of its stake in 1 Triton Square, Regents Place, to Royal London for £192.5 million.
British Land said the deal meets its strategic priority of “actively recycling capital, with profits reinvested in future developments”.
He said he wants to make 1 Triton Square an office hub for the science and innovation industries.
Simon Carter, managing director of British Land, said: “We have proactively taken over 1 Triton Square from Meta to reposition it for science and innovation clients, in the hope of unlocking significantly higher rents, whilst benefiting a considerable buy-back premium to further improve the environment. economy.
“This transaction is another example of how we generate value by establishing innovative joint venture partnerships, allowing us to flex our balance sheet, share risk and crystallize the value created by the Meta buyout premium.”
Mark Evans, head of property and commercial development at Royal London Asset Management Property, added: “The partnership opportunity aligns with our wider strategy to leverage our platforms in new markets and continue to deliver on our commitment to targeted investments.
In November, British Land reported a loss of £61 million in the six months to September, compared with £32 million for the equivalent period last year, as high interest rates hit the value of properties.
He blamed rising yields on his West End and City of London campus portfolio, as well as high economic and political uncertainty, for a 2.5% fall in value. of its portfolio to £8.7 billion.
This offset a slight rise in the value of its retail park portfolio, which has benefited since the pandemic from rising occupancy rates as retailers increasingly prioritize out-of-town and suburban locations.
Last week it was revealed that Marston chairman William Rucker would be joining British Land after five years at the pub group.
Rucker will replace Tim Score as chairman designate of British Land, following the property company’s annual general meeting on July 9.
UK land stocks were up 2.74 per cent at 378.30p in Monday morning trading.
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