14th Jun 2018 10:47
LONDON (Alliance News) - British Land Co PLC said Thursday that it completed, in conjunction with GIC Private Ltd the sale of London's 5 Broadgate building to a subsidiary of Hong Kong-based property developer CK Asset Holdings Ltd for GBP1 billion.
The FTSE 100 listed property development company and its then joint venture partner committed to the development of 5 Broadgate in 2012 to house Swiss investment bank UBS Group AG, the company said.
The building, which was completed in 2015, generated a total property return of 18% per year for British Land.
Head of Offices Tim Roberts said: "This transaction is the latest example of how our strategy is creating value. We delivered a modern, truly distinctive building for UBS, located at the heart of our largest central London campus, adjacent to the forthcoming Crossrail station."
5 Broadgate covers more than 700,000 square feet with capacity for 5,000 people across its 12 floors. UBS is committed to the building until 2035.
Following the sale, in a separate announcement, British Land said it will return a further GBP200 million through a share buyback in the current financial year.
"The board believes that investment in the company's shares at the prevailing discount to net asset value offers attractive value," the company said.
British Land shares were trading 0.2% lower at 685.40 pence each.
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