AFTER 1,500KM AND SIX DAYS, BORIS JOHNSON GREETS THE EUPHORIC, 90-STRONG CYCLE TO CANNES TEAM
BY JACK SIDDERS British Land is considering seeking a joint venture partner for its prime Mayfair development opportunity, the Clarges Estate. The listed REIT raised £493m from a share
placing yesterday, alongside the sale of City office building Ropemaker Place, EC2, for £472m, reflecting a 5% yield. But despite the near £1bn war chest raised,
chief executive Chris Grigg said funds would not be committed to the mixed-use Clarges scheme and hinted that a jv could be on the cards. He told EG the Ropemaker sale, the third-
largest City deal for almost a decade, would fund the committed office development pipeline. The placing of 87.9m new shares will be used to aid the current deal pipeline,
including £213m of recent purchases and around £150m still under negotiation. “What we are really doing is investing into
the committed piece and obviously Clarges is to come,” said Grigg. “The big decision is whether we are going to
do 50% of the residential there or 100% of it. “I think we will make that decision in the
coming months.” British Land bought the Clarges Estate,
W1, consisting of Clarges House, 6-12 Clarges Street and 82-84 Piccadilly, for £129.6m in November last year. The two buildings comprise 119,000 sq ft
of office and retail space. Plans are currently being worked up for a
mixed-use scheme which is expected to include some of the most prestigious flats in London.