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British Land to buy £32M London office asset for flexible workspace unit

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British Land to buy £32M London office asset for flexible workspace unit

London-listed British Land Co. PLC agreed to purchase the first office asset for Storey, its flexible workspace business, for £32 million from Newmark Properties, Property Week reported.

The 41,000-square-foot 6 Orsman Road building in Haggerston, London, is slated to become the first building Storey will operate outside its campuses.

The transaction is expected to close by March 2019, according to the Dec. 13 report.

The U.K. commercial property company is looking to pick up 186,000 square feet more space for the flexible workspace unit. In May, British Land announced it had substantial growth plans in the works for Storey for the next few years, with a target to make it 10% of the company's office business.

Additionally, British Land is in talks to acquire a number of development plots near its London office campuses, including a £37.5 million mixed-use property near its Broadgate estate. The company is also said to in negotiations to purchase 6-9 Eldon St. nearby from the Prince's Trust, the news outlet added.