Spain's financial giant Santander is set to acquire the London headquarters of its Abbey unit from UK's largest REIT British Land for a price of 拢115 mln (EUR 125 mln), according to an article in Property Week. The building was put on the market last month for 拢120 mln.
Spain's financial giant Santander is set to acquire the London headquarters of its Abbey unit from UK's largest REIT British Land for a price of 拢115 mln (EUR 125 mln), according to an article in Property Week. The building was put on the market last month for 拢120 mln.
British Land and Santander declined to comment when contacted by PropertyEU on Monday. The deal, which reverses a trend by banks to sell their properties, is said to reflect a net initial yield of around 7%. Jones Lang LaSalle acted for British Land and Santander was unrepresented. The 19,000 m2 property is let to Abbey through 2022.
