Real Estate team advises Royal London Asset Management on joint venture with British Land

3 minute read
18 March 2024

Our Real Estate team has advised Royal London Asset Management on its joint venture with British Land for the redevelopment of 1 Triton Square in London.

British Land has agreed to sell a 50% stake in its 1 Triton Square office development to Royal London Asset Management for £192.5 million, and the two companies have formed a joint venture to transform the Regent’s Place scheme into a world class life sciences and innovation hub.

The new joint venture will combine British Land and Royal London Asset Management’s development and asset management capabilities. The design is highly flexible, offering a mix of fitted and lab-enabled space as well as the potential to incorporate serviced offices to accommodate flexible requirements at the lower levels, whilst retaining best in class office space on upper floors.

Gowling WLG advised Royal London Asset Management on its purchase of a 50% stake at the London development. It marks an important milestone for its property team as it builds on its existing life sciences and innovation platform across the Golden Triangle of London, Cambridge and Oxford. The deal will increase Royal London Asset Management’s holdings to over 2m sq ft, with 1 Triton Square forming a core part of its broader portfolio as it seeks to position life sciences and innovation as part of its core platform for further investment.

The team was led by Real Estate partner, Felicity Lindsay, head of Commercial Development and Investment, with support from partner Sharon Ayres and legal director James Breffit (Corporate), partner Paul Shaw (Tax) and principal associates Danielle Klepping (Commercial) and Angela Perry (Real Estate).

Felicity Lindsay said: "This joint venture is a real vote of confidence in the UK's life sciences sector and demonstrates the growing demand for laboratory space to conduct research in the country. We're delighted to have advised Royal London Asset Management once again and to support its growth ambitions. The joint venture represents a great example of the repurposing of a real estate asset to ensure it remains relevant in London's ever-changing market."

Mark Evans, Head of Property and Commercial Development at Royal London Asset Management Property, added: “We are thrilled to join forces with British Land to reposition 1 Triton Square for the science and innovation market. The partnership opportunity aligns with our wider strategy to leverage our platforms in new markets and continue to deliver on our commitment to purposeful investment."

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