British Land and Oxford Properties (the global real estate arm of OMERS, the pension plan for Ontario’s municipal employees) today announce that they have completed the sale of The Leadenhall Building to C C Land.
The terms of the transaction are as set out in the press release issued on 1 March 2017 announcing the exchange of contracts. The sale was conditional on C C Land obtaining shareholder approval for the transaction. This was obtained at a Special General Meeting of C C Land’s shareholders on 18 May 2017.
British Land and Oxford Properties owned The Leadenhall Building in a 50/50 joint venture formed in 2010. The headline price achieved of €1.32m (£1.15bn) represents a premium to the valuation preceeding exchange of contracts. The sale marks the end of a very successful partnership between British Land and Oxford Properties to develop and lease this world class building.
British Land and Oxford Properties were advised by Cushman & Wakefield, Eastdil Secured, Mayer Brown and Herbert Smith Freehills.
