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British Land agrees sale of Clarges, Mayfair to Deka for £177m

British Land has completed on the sale of Clarges Mayfair to Deka for £177m, 7.6% above the September 2020 valuation. Deka Immobilien will be added the complex added to the portfolio of the open-ended real estate fund WestInvest InterSelect. This investment allows fund management of WestInvest InterSelect to secure the rare opportunity of acquiring a top property in an outstanding location. Including „Clarges Mayfair“, the fund portfolio now contains four properties in London.

Clarges represents a landmark mixed-use development for British Land. The site was acquired in 2012 and the redevelopment was completed in 2017, delivering over 50,000 sq ft of world class office space, 34 super prime residential apartments and nearly 15,000 sq ft of high quality retail.

Simon Carter, incoming CEO at British Land, said: “Clarges is a fantastic example of our ability to create outstanding mixed-use places and drive value through development. The sale is in line with our focus on active capital management, recycling out of more mature assets and positioning us to progress our value accretive London development pipeline, focused on our mixed use campuses and Canada Water.”

The offices and retail space are fully let, with retail occupiers including Le Comptoir Robuchon, Le Deli Robuchon and a Porsche showroom.

Deka was advised by Savills and Simmons & Simmons, and British Land was advised by CBRE and Mayer Brown.