British Land and Royal London Form Joint Venture to Operate 1 Triton Square

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• British Land and Royal London Form Joint Venture to Operate 1 Triton Square

18 March 2024 | Updated 20 March 2024

British Land has sold 50 per cent of its stake in 1 Triton Square at Regents Place to Royal London Asset Management Property.

The companies have formed a joint venture to operate the building, which was formerly home to Facebook's parent company Meta. Meta paid £149 million to surrender its lease on the office in September 2023.

British Land and Royal London want to position 1 Triton Square as a world-class innovation and life sciences hub, due to its proximity to The Francis Crick Institute, The Wellcome Trust, The Alan Turing Institute and University College London. 

The building will feature a mix of fitted and lab-enabled space, offices on the upper floors and serviced offices at the lower levels.

Simon Carter, Chief Executive of British Land, said: “We proactively took 1 Triton Square back from Meta to reposition it for science and innovation customers, with the expectation of unlocking significantly higher rents, whilst benefitting from a considerable surrender premium to further improve the economics.

This transaction is another example of how we drive value through establishing innovative JV partnerships, enabling us to flex our balance sheet, share the risk and crystallise the value created from Meta’s surrender premium.”

Mark Evans, Head of Property and Commercial Development at Royal London Asset Management Property, added: “We have long recognised the demand for best-in-class science and innovation space, particularly in the Golden Triangle, and the need for this space in supporting the UK’s economic growth. In testament to this strategic vision Royal London Asset Management has established 1.5m sq ft of holdings to meet these needs over the past 10 years. 1 Triton Square will increase our holdings to over 2.0m sq ft and will form a core part of our wider portfolio as we position life sciences and innovation as a core platform for further investment.”

Picture: a CGI of the exterior of 1 Triton Square. Image Credit: British Land

Article written by Ella Tansley | Published 18 March 2024

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