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Details of British Land’s billion-pound sale of Leadenhall Building revealed

The exact details of British Land’s huge £1.15bn sale of the Leadenhall Building to Chinese investment firm C C Land have been revealed after the property firm announced that contracts have been exchanged on the deal.

In what is likely to be the biggest property deal in 2017, the Cheesegrater’s co-owners, British Land and Oxford Properties will sell their entire shareholding for a headline all-cash consideration of £1.15bn.

The sale, which is still dependent on approval from CC Land’s shareholders, could also be adjusted for top-ups relating to rent free periods and rent guarantees which British Land currently estimates to be approximately £12.7m.

The property firm said that it expects the deal to complete within five days of shareholder approval from the Chinese business.

Following confirmation of the deal, Tim Roberts, Head of Offices and Residential, British Land, 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.”

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