British Land to sell 50% stake in Cheesegrater

British Land is preparing to sell its 50% stake in the Leadenhall Building, EC3, for around £500m. The skyscraper, which is jointly owned with Oxford Properties, has recently become fully let, achieving a record-breaking City rent of more than £100 per sq ft. British Land has had a long strategy of selling mature assets both in London and outside the capital. In July it sold Debenhams in Oxford Street, WC1, for £400m. In British Land’s July trading update, chief executive Chris Grigg said the company expected occupiers and investors to “take a more cautious approach”. Capital raised from the sale is expected to be used to finance the redevelopment of UBS’s London hadquarters at 100 Liverpool Street, EC2, which is jointly owned with Singapore’s sovereign wealth fund GIC. UBS is moving its headquarters to British Land’s 5 Broadgate, EC2. British Land declined to comment. • To send feedback, e-mail Louisa.Clarence-Smith@estatesgazette.com or tweet @LouisaClarence or @estatesgazette