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Abbey, BLC Office Deal

The largest real estate investment trust in the UK, the British Land Company PLC reported on Friday that is had completed the sale of 2-3 Triton Square at Regent’s Place, London to Abbey.

The Director of the British Land reported that Abbey was not only an important tenant of Regent’s Place, but will now become an important partner in the nearly fourteen acre estate.

The Triton Square development is part of the Regent’s Place development which is currently owned by the British Land Company. It consists of five buildings. In total, the buildings have about a million square feet space for office, retail and leisure purposes. Currently, around seven-thousand workers are employed on the estate.

The property bought by Abbey was sold for £115m showing an opening yield of 7.2 percent, as the company reported. The premises are a 200,000 square foot of first class office interiors which was developed in 2002 by the British Land Company. Abbey has decided to rent the premises for almost £9m per year until 2022.

The director also stated that they are committed to completing their commercial developments at Regent’s Place One and Two later in the year.

The move by the owner comes after a number of measures have been taken by the companies involved in the real estate market to raise capital and to boost the financial statements of the company.

In December 30^th, the total value of all the British Land Company’s properties reached almost fourteen billion pounds.

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