UK REIT British Land has completed the sale of the Clarges mixed-use development in London’s Mayfair to Deka's WestInvest InterSelect fund for £177 mln (€198 mln), 7.6% above the September 2020 valuation.
Clarges represents a landmark mixed-use development for British Land. The site was acquired in 2012 and the redevelopment was completed in 2017, delivering over 50,000 sq ft (4,650 m2) of office space, 34 super prime residential apartments and nearly 15,000 sq ft of high quality retail. The offices and retail space are fully let, with retail occupiers including Le Comptoir Robuchon, Le Deli Robuchon and a Porsche showroom.
Simon Carter, incoming CEO at British Land, said: ‘Clarges is a fantastic example of our ability to create outstanding mixed-use places and drive value through development. The sale is in line with our focus on active capital management, recycling out of more mature assets and positioning us to progress our value accretive London development pipeline, focused on our mixed-use campuses and Canada Water.’
Deka was advised by Savills and Simmons & Simmons, and British Land was advised by CBRE and Mayer Brown.
