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UK council to buy £296M of London office properties

The Spelthorne Borough Council in the U.K. is in talks to buy the £160 million One Embassy Gardens office development at Nine Elms in London from developer Ballymore, Property Week reported.

The 156,000-square-foot development was placed on the market in October 2018 and is part of the 1,750-home Embassy Gardens project. Publishing company Penguin Random House is pre-leasing nearly 80% of the building, the Jan. 9 report added.

PW separately reported that the council is also under offer to purchase the 100,000-square-foot 100 Cheapside office property in the City of London.

The property was placed on the market by Aberdeen Standard Investments in 2018 through HFF, with a price tag of £136 million. The deal, if successful, would mark the Spelthorne council's first acquisition in the City of London real estate market.

The local authority will fund the deals with a low-interest loan from the Public Works Loan Board, the report added.