British Land has acquired a 25% interest in the West One Shopping Centre, a 92,000 sq. ft mixed-use scheme in Oxford Street, central London for £54.25 million.
As part of the agreement, Norges Bank Investment Management will continue to own 75% and British Land will assume responsibility for the asset management and any future development. The property was originally acquired 100 percent by Norges Bank Investment Management in 2015.
West One comprises an even mix of office and retail space, both fully let, and sits at the entrance to Bond Street station in the heart of London’s West End. It benefits from around 500,000 visitors a week, set to increase with Crossrail.
Once Crossrail opens, West One will be linked to British Land’s existing mixed-use assets, including Broadgate, Paddington Central and Ealing Broadway.
“West One is an extremely well located, mixed-use scheme, with great future potential. Crossrail will bring even more people to the site and help connect it to our London campuses. The acquisition reinforces our strategy of building an increasingly mixed-use business and working with global investors, in this case Norges Bank Investment Management, who we’re delighted to be extending our relationship with,” said Darren Richards, Head of Real Estate.