INDUSTRY NEWS

British Land sells Ropemaker Place London office block for £472m

British Land has announced the sale of Ropemaker Place to an international consortium of investors in a deal worth £472 million.

The property group has agreed to sell the London office block to a group of French and Far East investors.

Offering 592,926 sq ft of space, construction of the 20-storey City of London office building was completed by British Land in 2009. 565,000 sq ft of the building is office space, with the rest of the space designated for retail.

The property is fully leased to a number of high-profile tenants including The Bank of Tokyo-Mitsubishi and Mitsubishi Securities International.

British Land head of offices, Tim Roberts, said: “Ropemaker demonstrates our track record of delivering exceptional, sustainable buildings which are profitably let to quality occupiers.

“The sale reflects the attractiveness of our buildings to investors as well as occupiers and allows us to recycle capital to invest in our development programme.”

According to its website, British Land is one of Europe’s leading Real Estate Investment Trust’s (REIM) with a portfolio of commercial property valued at more than £16.3 bn.

West End property accounts for half its London office portfolio, and the firm will look to invest the £461m it receives from the sale, after costs, to pay for recent transactions as well as funding current negotiations and future purchases.

The sale of Ropemaker Place comes as British Land confirm plans to launch a £500m share scheme in order to further fund investment opportunities.

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.