British Land sells 75% stake in West End buildings for £401 million

(Reuters) – British Land Plc said on Wednesday it had sold a 75% stake in three buildings in the West End in London for 401 million pounds ($538.8 million) to Allianz (DE:ALVG) Real Estate, as the mall and office owner divests its non-core assets.

The company, which owns properties such as the Broadgate shopping and office complex in London, said the deal represented a “blended” net initial yield of 4.32%, a premium to its Sept. book value.

The sale takes total divestment so far in fiscal 2021 to 1.1 billion pounds, British Land said.

($1 = 0.7443 pounds)