British Land and Oxford Properties have completed the sale of The Leadenhall Building to C C Land.
The terms of the transaction are as set out in the press release from 1st March 2017 announcing the exchange of contracts. The sale was conditional on C C Land obtaining shareholder approval for the transaction. This was obtained at a Special General Meeting of C C Land’s shareholders on 18 May 2017.
British Land and Oxford Properties owned The Leadenhall Building in a 50/50 joint venture formed in 2010. The headline price achieved of £1.15 billion represents a premium to the valuation preceeding exchange of contracts. The sale marks the end of a very successful partnership between British Land and Oxford Properties to develop and lease this world class building.
British Land and Oxford Properties were advised by Cushman & Wakefield, Eastdil Secured, Mayer Brown and Herbert Smith Freehills.
Source: British Land 25.05.2017