British Land has said it will “accelerate” plans to reposition Regent’s Place following Meta’s surrender of its offices at 1 Triton Square, NW1.
The tech giant officially handed back the lease for the 310,000 sq ft building yesterday, which it only signed for in September 2021. In December last year, Meta said it would sublet the office.
British Land chief executive Simon Carter said: “Meta’s surrender of our building at 1 Triton Square… enables us to accelerate our plans to reposition Regent’s Place as London’s premier innovation and life sciences campus.”
Meta handed back the lease at a cost of £149m, which was received on 25 September 2023.
It was one of two buildings leased by the Facebook owner at Regent’s Place.
British Land has also exchanged on the sale of an office and data centre portfolio for £125m, reflecting a 4.6% net initial yield. The owner said the portfolio has delivered an IRR of 8.2% per annum since its acquisition in 2007.
As a result of the Meta surrender and the disposal of the office and data centre portfolio, LTV has fallen from 36% in March to 33.6%.
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