British Land and Royal London Asset Management Property (Royal London Asset Management) announce the formation of a new 50:50 joint venture (JV) to accelerate the delivery of 1 Triton Square into a best-in-class science and innovation building at Regent’s Place. The agreement values 1 Triton Square at €450.5m.
1 Triton Square is located in the heart of the Regent’s Place campus within London’s Knowledge Quarter, which is home to leading research institutions including The Francis Crick Institute, The Wellcome Trust, The Alan Turing Institute and University College London. The campus’ location within this well-established innovation ecosystem makes it well-positioned to capture the growing space requirements of these organizations.
The JV partnership with Royal London Asset Management builds on British Land's existing life sciences and innovation platform across London, Cambridge, and Oxford. Royal London Asset Management is committed to responsible property investment and repositioning the asset at 1 Triton Square aligns with this approach, maximizing value and delivering sustainable solutions.
Simon Carter, Chief Executive of British Land, said: “We are delighted to be working with Royal London Asset Management to deliver a world-class science and innovation building at Regent’s Place. We proactively took 1 Triton Square back from Meta to reposition it for science and innovation customers, with the expectation of unlocking significantly higher rents, whilst benefitting from a considerable surrender premium to further improve the economics. This transaction is another example of how we drive value through establishing innovative JV partnerships, enabling us to flex our balance sheet, share the risk and crystallise the value created from Meta’s surrender premium.”
Mark Evans, Head of Property and Commercial Development at Royal London Asset Management Property, said: “We are thrilled to join forces with British Land to reposition 1 Triton Square for the science and innovation market. The partnership opportunity aligns with our wider strategy to leverage our platforms in new markets and continue to deliver on our commitment to purposeful investment. We have long recognised the demand for best-in-class science and innovation space, particularly in the Golden Triangle, and the need for this space to support the UK’s economic growth. In a testament to this strategic vision, Royal London Asset Management has established 1.5m sq ft (c. 139355m2) of holdings to meet these needs over the past 10 years. 1 Triton Square will increase our holdings to over 2.0m sq ft (c. 185806m2) and will form a core part of our wider portfolio as we position life sciences and innovation as a core platform for further investment.”
Image provided by British Land.
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