29th Jul 2015 06:57
LONDON (Alliance News) - British Land Co PLC on Wednesday said it has struck a deal to sell the 39 Victoria Street property in south west London to Singapore-based property company Ho Bee Land for GBP144 million.
The FTSE 100-listed property developer said it will receive a net GBP139 million from the sale after the deduction of a rent-free top-up.
39 Victoria Street is a 10-storey office building with 98,000 square foot of total space, including retail space on the ground floor.
"39 Victoria Street has been a good investment for us and is an excellent example of how we do business. Our refurbishment delivered a high quality building and attracted a high calibre occupier on a profitable lease," said Tim Roberts, the head of offices at British Land.
"The timing of the disposal allows us to benefit from strong investment markets, and to allocate capital most appropriately across our business," Roberts added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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