ONE of the City of London’s most iconic skyscrapers has been sold for £1.15 billion.
Developers British Land and Oxford Properties have agreed the sale of the Leadenhall Building to Hong Kong-based C C Land.
British Land’s Head of Offices and Residential, Tim Roberts, commented: “British Land and Oxford Properties took a bold step at the early stages of the UK’s economic recovery to develop The Leadenhall Building to generate a high quality, long term income stream. It’s a decision which has really paid off. Through a strong, collaborative partnership, we have delivered an iconic, award-winning building let to high calibre occupiers at record City rents. This sale shows continued investor appetite for best in class, well located property in London.”
Paul Brundage, Executive Vice President and Senior Managing Director – Europe, Oxford Properties, said: “Oxford Properties has enjoyed a highly successful partnership with British Land through our joint investment in the development, delivery and management of this iconic building. We have delivered on our strategy of ensuring that The Leadenhall Building meets its potential to become one of the most commercially successful investments in London. The Leadenhall Building has been a cornerstone of our London business and has propelled Oxford Properties to a leading position in European real estate development and investment.”
Contracts have been exchanged on the purchase of the 46-storey tower but the deal is subject to final approval by C C Land shareholders.