British Land Company Lands $224M Office Deal in London

British Land Co. plc, one of the largest property development and investment companies in the United Kingdom, has scored a major deal in southwest London.
39 Victoria Street

London, England—British Land Co. plc, one of the largest property development and investment companies in the United Kingdom, has scored a major deal in southwest London.

The British REIT recently announced the sale of 39 Victoria Street to Singapore-based Ho Bee Land for a whopping £144 million ($224 million). British Land will receive a net £139 million ($217 million) from the sale after the deduction of a rent-free top-up.

“39 Victoria Street has been a good investment for us and is an excellent example of how we do business,” Head of Offices at British Land Tim Roberts said in a statement.

Designed by JRA Architects, the 10-story office building totals 98,000 square feet of space, including ground-floor retail. The property was acquired by British Land in 2009 for £40 million ($62 million) and was refurbished in 2013.

“Our refurbishment delivered a high quality building and attracted a high caliber occupier on a profitable lease. The timing of the disposal allows us to benefit from strong investment markets, and to allocate capital most appropriately across our business,” explained Roberts.

39 Victoria Street is fully leased by The Corporate Officer of The House of Commons until September 2029. Knight Frank LLP and Chicago-based Mayer Brown brokered the sale on behalf of British Land.

Ho Bee Land also owns the office building at 1 St. Martin’s Le Grande, 60 St. Martin’s Lane and the Rose Court hotel in the city of London.

Image courtesy of JohnRobertsonArchitects