LONDON (dpa-AFX) - British Land Co Plc. (BRLAF.PK, BTLCY.PK, BLND.L) Wednesday said it has sold 52 Poland Street, to Amazon Property for 26 million pounds, reflecting a capital value of nearly 1,300 pounds psf. Amazon Property in a Joint venture will buy the freehold of the building at 51 percent ahead of the March 2014 book value, at a Net Initial Yield of 2.5 percent.
52 Poland Street is a 20,500 sq ft multi-let building over basement, ground and seven upper office floors and it is occupied by groups like Yo! Sushi and Lucky Voice karaoke bar.
Tim Roberts, Head of Offices, British Lands commented: '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.'
CBRE and Irwin Mitchell advised British Land on the sale, while Amazon Property was unrepresented.
Copyright RTT News/dpa-AFX