INDUSTRY NEWS

British Land buy Shoreditch Estate and its 34 London office buildings

According to reports, British Land and architect Allford Hall Monaghan Morris are in the middle of putting together plans for the construction of 22 new buildings in Shoreditch.

The Financial Times has reported the property developer beat off stiff competition from a number of rivals to purchase the 300,000 sq ft Shoreditch Estate site from the City of London corporation.

The Shoreditch Estate is owned by the City, but actually spans across the borough of Tower Hamlets. It consists of 34 London office buildings all let to short-term tenants.

Located near to Tech City, as well as Derwent London’s Tea Building, the new project will also allow British Land to further extend its reach over the area around Broadgate where it currently owns a half-share in a 4m sq ft London office and retail complex.

British Land is one of Europe’s leading Real Estate Investment Trust’s (REIM) with a portfolio of commercial property valued at more than £16.3bn, of which it owns a £10.4bn share.

It currently has around £2bn worth of projects in the pipeline. Back in March, it sold Ropemaker Place for a reported £472m as well as launching a £500m share scheme, both with the aim of generating funds to pay for a number of its recent transactions as well as funding current negotiations and future purchases.

At present, neither party has made a comment on the deal.

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