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British Land sells Abbey HQ to parent Santander
Nick Goodway03.04.09
British Land today sold the Abbey headquarters on Euston Road to the bank's Spanish parent Santander for £115 million.
The 200,000 sq ft office block, built in 2002, is entirely occupied by the former building society, which Santander bought for £9 billion in 2004.
Since then the Spanish bank has also taken over Alliance & Leicester and bought the savings business and branch network of Bradford & Bingley when it was nationalised last year.
British Land will continue to manage the estate, Regent's Place, which contains the Abbey building.
The property developer is finishing off the second phase of development on the site, which will increase the total area to two million square feet, with offices and homes for up to 14,000 people.
Today's sell-off follows February's sale by British Land of a 50% stake in the Meadowhall shopping centre in Sheffield to London & Stamford Property for £588 million, and last month's successful £756 million rights issue.
