British Land has acquired a 25 percent share of West One, a 92,000-square-foot mixed-use scheme on London’s Oxford Street for €63.7 million ($71 million). As part of the agreement, Norges Bank Investment Management, which invests on behalf of Norway’s sovereign wealth fund, will continue to own 75 percent and British Land will assume responsibility for the asset management and any future development.
West One comprises an even mix of office and retail space, both fully leased, and sits at the entrance to Bond Street station in the heart of London’s West End. It benefits from around 500,000 visitors a week, set to increase with the opening of Crossrail. Once Crossrail opens, West One will be linked to British Land’s existing mixed-use assets, including Broadgate, Paddington Central and Ealing Broadway.
Darren Richards, head of real estate at British Land, said, “West One is an extremely well located, mixed-use scheme, with great future potential. Crossrail
