(Alliance News) - British Land Co PLC on Monday said it has formed a equal joint venture with the Royal London Asset Management Ltd to "accelerate" the delivery of 1 Triton Square in Regent's Place, London.
The London-based commercial property developer and investor said the deal values 1 Triton Square, a "science and innovation building", at GBP385 million. It had been occupied by Meta Platforms Inc.
"The new JV will combine British Land and Royal London Asset Management's development and asset management capabilities to deliver a world class science and innovation building. The design is highly flexible, offering a mix of fitted and lab-enabled space as well as the potential to incorporate serviced offices to accommodate flexible requirements at the lower levels, whilst retaining best in class office space on upper floors," British Land said.
Chief Executive Simon Carter commented: "We are delighted to be working with Royal London Asset Management to deliver a world class science and innovation building at Regent's Place.
"We proactively took 1 Triton Square back from Meta to reposition it for science and innovation customers, with the expectation of unlocking significantly higher rents, whilst benefitting from a considerable surrender premium to further improve the economics."
Shares in British Land were 2.7% to 378.30 pence each in London on Monday morning.
By Sabrina Penty, Alliance News reporter
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British Land (BLND)