JLL completes £401m central London office portfolio deal for British Land
Allianz Real Estate takes 75% stake in West End office portfolio
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.”
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.