British Land has bought a 25% share of West One, a 92,000 sq ft mixed-use scheme on Oxford Street, W1, for £54.25m from Norges Bank Investment Management.
The deal will see British Land take on responsibility for the asset management and any future development of the property. Norges will retain its 75% stake in the scheme.
Located at the entrance to Bond Street station, West One comprises an even mix of office and retail space that is fully let.
Darren Richards, head of real estate at British Land, said: “West One is an extremely well located, mixed-use scheme, with great future potential. Crossrail will bring even more people to the site and help connect it to our London campuses.
“The acquisition reinforces our strategy of building an increasingly mixed-use business and working with global investors.”
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