London, 2017-May-27 — /EPR Retail News/ — British Land and Oxford Properties (the global real estate arm of OMERS, the pension plan for Ontario’s municipal employees) today (25 MAY 2017) announce that they have completed the sale of The Leadenhall Building to C C Land.
The terms of the transaction are as set out in the press release issued on 1 March 2017 announcing the exchange of contracts. The sale was conditional on C C Land obtaining shareholder approval for the transaction. This was obtained at a Special General Meeting of C C Land’s shareholders on 18 May 2017.
British Land and Oxford Properties owned The Leadenhall Building in a 50/50 joint venture formed in 2010. The headline price achieved of £1.15 billion represents a premium to the valuation preceeding exchange of contracts. The sale marks the end of a very successful partnership between British Land and Oxford Properties to develop and lease this world class building.
British Land and Oxford Properties were advised by Cushman & Wakefield, Eastdil Secured, Mayer Brown and Herbert Smith Freehills.
About British Land
Our portfolio of high quality UK commercial property is focused on Retail around the UK and London Offices. We own or manage a portfolio valued at £19.1 billion (British Land share: £13.9 billion) as at 31 March 2017 making us one of Europe’s largest listed real estate investment companies.
Our strategy is to provide places which meet the needs of our customers and respond to changing lifestyles – Places People Prefer. We do this by creating great environments both inside and outside our buildings and use our scale and placemaking skills to enhance and enliven them. This expands their appeal to a broader range of occupiers, creating enduring demand and driving sustainable, long term performance.
Our Retail portfolio is focused on Regional and Local multi-let centres, and accounts for 48% of our portfolio. Our Offices portfolio comprises three office-led campuses in central London as well as high quality standalone buildings and accounts for 49% of our portfolio. Increasingly our focus is on providing a mix of uses and this is most evident at Canada Water, our 46 acre redevelopment opportunity where we have plans to create a new neighbourhood for London.
Sustainability is embedded throughout our business. Our places, which are designed to meet high sustainability standards, become part of local communities, provide opportunities for skills development and employment and promote wellbeing. Our industry-leading sustainability performance led to British Land being named a European Sector Leader in the 2016 Global Real Estate Sustainability Benchmark for the third year running.
In April 2016 British Land received the Queen’s Award for Enterprise: Sustainable Development, the UK’s highest accolade for business success for economic, social and environmental benefits achievements over a period of five years.
Further details can be found on the British Land website at www.britishland.com.
About Oxford Properties Group
Oxford Properties Group is one of the world’s premier real estate investment, development and management companies. Established in 1960, Oxford manages over C$40 billion of real estate assets on behalf of its co-owners and investment partners, with a global portfolio spanning over 60 million square feet. We have offices across Canada and in London, Luxembourg, Boston, Washington DC and New York, with regional investment, development and management professionals who have deep real estate expertise and local market insight. Oxford now has approximately C$7bn of assets under management in Europe, with a focus on core office and high street retail assets in Central London and Paris. Oxford is the global real estate arm of OMERS, the pension plan for Ontario’s municipal employees.
For more information about Oxford visit: www.oxfordproperties.com.
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Source: British Land