Overview
Further to their announcement that they were in discussions regarding the potential sale of the Leadenhall Building (affectionately known as The Cheese Grater), British Land and Oxford Properties have announced that they have exchanged contracts for the sale of The Leadenhall Building, to C C Land, for a headline price of £1.15 billion. Completion is conditional on approval by the shareholders of C C Land.
British Land and Oxford Properties developed and own The Leadenhall Building as an investment in a 50/50 joint venture formed in 2010. Construction of The Leadenhall Building started in early 2011 and completed in summer 2014. The building is fully let, with an average remaining lease term of over 10 years to break, and has achieved record rents for the City of more than £100 per square foot. It is occupied by businesses that include Aon and MS Amlin.