British Land has appointed DTZ to begin marketing of a 35,770 m[sup]2[/sup] building at the European Bank for Reconstruction and Development's office headquarters with an asking price of £387 mln (EUR 569 mln). The deal reflects a net initial yield of 4.8 %, a spokesperson for British Land told PropertyEU. This would be the first-ever property sale by British Land of its £3.44bn Broadgate estate in the City of London.
British Land has appointed DTZ to begin marketing of a 35,770 m2 building at the European Bank for Reconstruction and Development's office headquarters with an asking price of £387 mln (EUR 569 mln). The deal reflects a net initial yield of 4.8 %, a spokesperson for British Land told PropertyEU. This would be the first-ever property sale by British Land of its £3.44bn Broadgate estate in the City of London.
The building, known as 1 Exchange Square, is let for a further 15.75 years. The marketing will mainly target institutional investors, British Land's co-head of asset management Tim Roberts said. The sale is part of a new strategy initiated two years ago by the company aimed to reshape its property portfolio by focusing on assets with a strong asset management potential while disposing properties with no opportunity for asset management. Over the last two years, the company has bought and sold £7bn of properties.