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British Land, GIC close £1B London property sale to unit of Hong Kong's CK Asset

British Land Co. PLC and joint venture partner Singapore sovereign wealth fund GIC closed the sale of the entire 5 Broadgate development in London to a unit of Hong Kong-based developer CK Asset Holdings Ltd. for £1 billion.

The 12-floor property, which provides more than 700,000 square feet of net internal area and was completed in 2015, is let to UBS Group AG until 2035.

Overall, British Land is carrying out 1 million square feet of developments across the entire campus. The diversified retail real estate investment trust will also develop retail and leisure space at the campus, where more than 30% of the estimated rental value is now pre-let or under offer. Tenants will also include Eataly and Everyman Cinemas.

Subsequently, British Land proposed to extend its share buyback program, allocating as much as £200 million for the purchase of company shares during the financial year ending March 31, 2019. In the prior year, the trust bought back £300 million of its shares.