for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

British Land sells 75% stake in West End buildings for $538.8 mln

Dec 23 (Reuters) - British Land Plc said on Wednesday it had sold a 75% stake in three buildings in the West End in London for 401 million pounds ($538.8 million) to Allianz Real Estate, as the mall and office owner divests its non-core assets.

The company, which owns properties such as the Broadgate shopping and office complex in London, said the deal represented a “blended” net initial yield of 4.32%, a premium to its Sept. book value.

The sale takes total divestment so far in fiscal 2021 to 1.1 billion pounds, British Land said. ($1 = 0.7443 pounds) (Reporting by Yadarisa Shabong in Bengaluru; Editing by Sriraj Kalluvila)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up