British Land sells 39 Victoria Street for £144m

29th Jul 2015 09:24

(ShareCast News) - British Land has exchanged contracts for the sale of 39 Victoria Street in London to Singaporean property company Ho Bee Land for a gross purchase price of £144m.After a reduction of a rent-free top up, the company will receive a net £139m from the sale.39 Victoria Street is a 10 storey office building totalling 98,000 sq ft including retail space on the ground floor. It was acquired by British Land in 2009 for £40m and was substantially refurbished in 2013.Tim Roberts, head of Offices at British Land, said: "39 Victoria Street has been a good investment for us and is an excellent example of how we do business. Our refurbishment delivered a high quality building and attracted a high calibre occupier on a profitable lease. The timing of the disposal allows us to benefit from strong investment markets, and to allocate capital most appropriately across our business."At 08:28, shares were up 0.8% at 836p.