British Land said that it has sold Clarges Mayfair, a mixed-use property in London, to Deka for £177 million, 7.6% above the September 2020 valuation.
The site was acquired by British Land in 2012 for £129.6 million and the redevelopment was completed in 2017.The mixed-use property in London comprises over 50,000 sq ft of world class office space, 34 super prime residential apartments and nearly 15,000 sq ft of high quality retail.
British Land said it is an excellent example of creating value through the strength and depth of our capabilities, across planning, development, asset management, leasing and investment.
“Clarges is a fantastic example of our ability to create outstanding mixed-use places and drive value through development. The sale is in line with our focus on active capital management, recycling out of more mature assets and positioning us to progress our value accretive London development pipeline, focused on our mixed use campuses and Canada Water,” said Simon Carter, incoming CEO at British Land.
The offices and retail space are fully let, with retail occupiers including Le Comptoir Robuchon, Le Deli Robuchon and a Porsche showroom.
Deka was advised by Savills and Simmons & Simmons, and British Land was advised by CBRE and Mayer Brown