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LONDON-British Land Co. has sold 2-3 Triton Square for $169 million. The current tenant, Banco Santander SA’s Abbey unit, purchased the building, which it had fully leased through April 2022. The sale represents a 7.2% yield.

“As well as being a significant occupier at Regent’s Place, Abbey will now become an important stakeholder in this 13 acre estate,” says Tim Roberts, director of British Land, in a statement. “We remain committed to Regent’s Place and will complete our latest, high-class office developments – Regent’s Place One and Regent’s Place Two – later this year. The sale is in line with our strategy to recycle capital towards opportunities which will offer greater risk adjusted returns in the future.”

British Land developed the 200,000-square-foot, class A property in 2002, which is part of Regent’s Place. Jones Lang LaSalle and SJ Berwin represented British Land in the transaction.

Regent’s Place is a five-building, one-million-square-foot mixed-use project that is slated to double in size before completion. Phase two, which will add two more office buildings as well as a large residential component are due to come online toward the end of Q3.

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