British Land Sells Soho building to Amazon Property
August 20, 2014 9:17 am
Property giant British Land (BLND.L) today announced news it has sold its Soho office building at 52 Poland Street for £26Million to Amazon Property. The sale of the 20,500 square feet building deal represents a capital value of nearly £1300 per square foot. Amazon Property, as part of a joint venture, will buy the freehold of the building at 51% ahead of the March 2014 book value at a net initial yield of 2.5%.
Tim Roberts, Head of Offices, British Land said: “The expiry profile at 52 Poland Street means there is potential for vacant possession of upper parts in June 2015. The site attracted very strong interest, reflecting the strength and depth of the WE investment market. It is an opportune time to sell and focus on projects elsewhere in our portfolio.”
Chris Lanitis, Partner, Amazon Property said ”This is a strategic acquisition to add to our growing portfolio in an area where we see considerable growth prospects”
Property giant British Land (BLND.L) today announced news it has sold its Soho office building at 52 Poland Street for £26Million to Amazon Property. The sale of the 20,500 square feet building deal represents a capital value of nearly £1300 per square foot. Amazon Property, as part of a joint venture, will buy the freehold of the building at 51% ahead of the March 2014 book value at a net initial yield of 2.5%.
Tim Roberts, Head of Offices, British Land said: “The expiry profile at 52 Poland Street means there is potential for vacant possession of upper parts in June 2015. The site attracted very strong interest, reflecting the strength and depth of the WE investment market. It is an opportune time to sell and focus on projects elsewhere in our portfolio.”
Chris Lanitis, Partner, Amazon Property said ”This is a strategic acquisition to add to our growing portfolio in an area where we see considerable growth prospects”
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