British Land is seeking to bolster its London office portfolio with a number of assets, including the long leasehold on 158-164 Bishopsgate, EC2.
It is understood to have acquired this leasehold from UBS Group for around £37.5m.
Separately, it is currently in talks to buy the Paddington Triangle Site, which offers an office development opportunity of up to 350,000 sq ft above Paddington station, from TfL. It is negotiating to buy the property for around £50m.
The property developer is also in talks to buy 6-9 Eldon Street, EC2, from the Prince’s Trust, the Prince of Wales’s youth charity. The Trust is thought to be seeking offers in excess of £22m.
Meanwhile, the company is eyeing up 184-192 Drummond Street in Euston, NW1. The property is being offered for sale by broker HFF for around £40m.
British Land’s push on London offices comes after a mixed set of 2018-19 half-year results, in which it cited a “challenging” retail market and a desire to diversify its portfolio. It said that in five years’ time campus-focused offices could represent a greater share of its portfolio.
British Land’s current portfolio is split nearly 50:50 between retail and campus-focused offices. In five-plus years, the retail element will comprise around 30-35% versus today’s 50-55%. The company’s residential portfolio is expected to increase significantly to take a 10% share, with its flexible workspace brand, Storey, rising to 5%.
British Land decline to comment. UBS Group, TfL, the Prince’s Trust and HFF were not immediately available to comment.
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