JLL has advised British Land on the sale of a 75% interest in a three-building portfolio located in London’s West End to Allianz Real Estate for £401m.
The portfolio of three buildings is situated just to the north of Oxford Street, and comprises 10 Portman Square, Marble Arch House and York House. British Land will form a new joint venture with Allianz, with British Land’s interest at 25% and Allianz’s at 75%. British Land will continue to manage all three buildings.
The three buildings were constructed between 2007 and 2014 and provide approximately 312,000 sq ft of high-quality office space which is fully let.
Julian Sandbach, head of central London office markets at JLL, who advised British Land, said: “The office market north of Oxford Street is one of central London’s most stable office locations due to the limited amount of future supply compared to other West End submarkets. The arrival of the Elizabeth Line will further bolster its appeal to occupiers ensuring it retains its sound investment fundamentals. The sale represents the continued attraction of high quality central London offices for international institutional investors who remain confident in the capital’s long-term prospects for rental and capital appreciation.”