Royal London takes 50% stake in BL’s £400m Triton Square

Royal London Asset Management has struck a deal to buy a 50% stake in British Land’s £400m redevelopment at 1 Triton Square, NW1. The eight-storey, 370,000 sq ft tower hit the market in October last year, as part of British Land’s plans to reposition Regent’s Place into a life sciences hub. Last month, the developer lodged plans to convert the office block into flexible fitted-out laboratory spaces to attract life sciences companies.  The new joint venture is expected to speed up the redevelopment and is understood to form part of British Land’s strategy to recycle capital. The plans to convert 1 Triton Square came after Facebook owner Meta paid £149m to surrender the lease on its office at the premises last year.  Life sciences has been a core investment sector for RLAM’s funds in recent years. The exposure in London will help RLAM to close in on the Golden Triangle markets, having acquired Building 2600 at Oxford Business Park from Mayfair Capital for £60m in 2022 and Cambridge Research Park from Rockspring Property Investment Management for £78m in 2018.  Meanwhile, British Land has owned Regent’s Place for nearly 40 years, delivering new affordable homes and spaces for the local community, including a theatre, arts centre and affordable workspaces. JLL is advising British Land on the deal.   All parties declined to comment.