British Land has completed the sale of 2-3 Triton Square, Regent's Place, London to Abbey, part of Spanish bank Grupo Santander, for 拢115 mln (EUR 154 mln). The investment volume reflects a net initial yield of 7.2%.
British Land has completed the sale of 2-3 Triton Square, Regent's Place, London to Abbey, part of Spanish bank Grupo Santander, for 拢115 mln (EUR 154 mln). The investment volume reflects a net initial yield of 7.2%.
The 18.500 m2 Grade A office building was developed by British Land in 2002 and is let in its entirety to Abbey on a lease expiring in April 2022. The current passing rent is 拢8.68 mln (EUR 9.4 mln) 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.'
Regent's Place currently comprises 5 buildings encompassing approx. 92,000 m2 of office, retail and leisure accommodation, with around 7,000 workers on the estate. British Land said this is set to double in size to about 184,000 m2 with 14,000 workers and residents.
Jones Lang LaSalle and SJ Berwin acted for British Land.
