British Land sells West End office portfolio for €445m

British Land has exchanged upon the sale of 75 percent interest in a portfolio of three buildings in the West End to Allianz Real Estate, acting on behalf of several Allianz Group companies, for £401 million (€445 million/$539 million).

British Land will form a new joint venture with Allianz, with British Land’s interest at 25 percent and Allianz’s at 75 percent. British Land will continue to manage all three buildings.

The portfolio includes three buildings, 10 Portman Square, Marble Arch House and York House, all of which are in Marylebone. 10 Portman Square comprises 134,000 square feet of high quality, multi-let office space on Portman Square. Marble Arch House is a 76,000-square-foot office-led building close to Marble Arch station and opposite York House, which is 100,000 square feet of primarily office space with 22 residential apartments.