The British Land Company PLC announces the sale of One Plantation Place Property Unit Trust for £527 million. The Unit Trust owns the freehold interest in One Plantation Place. British Land developed this 550,000 square feet building which was completed in 2004. It is fully let to tenants Accenture, Wachovia Bank, Aspen Insurance and Royal & Sun Alliance and produces an income, after rent guarantees to cover rent free periods, of £27 million per annum. The purchaser is a consortium of Tishman International and Clients of Insight Investment Management.
Bob Bowden, Property Investment Director of British Land commented:
Whilst we have been bullish for sometime about the prospects for rental growth in the City, this sale enables us to take a development profit at a price that exceeds the 31st December valuation and enables us to recycle capital into further Central London developments; these are 822,000 square feet at 201 Bishopsgate and 127,000 square feet at Ludgate West where development has commenced coupled with the recent purchase of the units in Ropemaker Place Property Unit Trust which owns the freehold interest of Ropemaker Place, a cleared site, with full planning consent for 511,000 square feet.
British Land were advised by Jones Lang LaSalle and the purchaser by Morgan Consulting.
Source: British Land