British Land buys 158-164 Bishopsgate from UBS-AM

British Land and an unnamed private investor have each bought a London office asset from UBS Asset Management’s (UBS-AM) Real Estate & Private Markets (REPM).

UBS-AM REPM said, in separate transactions undertaken on behalf of clients, it sold 158-164 Bishopsgate opposite Liverpool Street Station and 21 Wilson Street to the UK-listed commercial property manager and the private investor for £77m (€89.4m) in total.

The Bishopsgate property, which has been under the ownership of REPM for five years, is a 49,484sqft mixed-use asset, including 35,022 of retail and leisure space.

The single-let 38,565sqft 21 Wilson Street building was acquired by REPM in 2013 as part of a sale and leaseback transaction.

Howard Meaney, the head of real estate UK at UBS-AM, said: “We have taken the decision to crystallise the value generated for our clients following the successful execution of our asset business plans.

“Both properties are well located close to Liverpool Street Station, which will be a major Elizabeth Line hub within London’s Crossrail route, and have benefitted from this prospect as well as wider investment in the surrounding area.”

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