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BRIEF-British Land Company to sell Leadenhall Building to C C Land for £1.15 bln

Published 2017-03-01, 06:18 a/m
© Reuters. BRIEF-British Land Company to sell Leadenhall Building to C C Land for £1.15 bln
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March 1 (Reuters) - British Land Company Plc BLND.L

* Exchange of contracts for the Leadenhall building

* British Land And Oxford Properties exchange contracts for sale of Leadenhall Building to C C land

* Deal for a headline price of £1.15 billion

* Completion is conditional on approval by shareholders of C C Land.

* completion expected to take place no more than 5 business days after investor approval is obtained, which is expected no later than 28 june

* Proceeds received by British Land for its interest will initially be used to pay down revolving credit facilities, pending redeployment

* Consideration will be received in cash and apportioned in equal shares to British Land and oxford properties.

* Disposal is slightly dilutive to British land's earnings per share and slightly accretive to its net asset value per share

* British Land, Oxford Properties were advised by Cushman & Wakefield, Eastdil Secured, Mayer Brown And Herbert Smith Freehills Source text for Eikon: ID:nRSA2177Ya Further company coverage: BLND.L

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