British Land has acquired a 25% share of West One, a 92,000 sq. ft mixed use scheme on London's Oxford Street for £54.25m. As part of the agreement, Norges Bank Investment Management will continue to own 75% and British Land will assume responsibility for the asset management and any future development.

West One comprises an even mix of office and retail space, both fully let, and sits at the entrance to Bond Street station in the heart of London's West End. It benefits from around 500,000 visitors a week, set to increase with Crossrail.

Once Crossrail opens, West One will be linked to British Land's existing mixed-use assets, including Broadgate, Paddington Central and Ealing Broadway.

Darren Richards, Head of Real Estate, said: "West One is an extremely well located, mixed-use scheme, with great future potential. Crossrail will bring even more people to the site and help connect it to our London campuses. The acquisition reinforces our strategy of building an increasingly mixed-use business and working with global investors, in this case Norges Bank Investment Management, who we're delighted to be extending our relationship with." Enquiries: Investor Relations David Walker 020 7467 3418 Media Claire Scicluna 020 7467 2823

About British Land

Our portfolio of high quality UK commercial property is focused on London Offices and Retail around the UK. We own or manage a portfolio valued at £15.4bn (British Land share: £11.7bn) as at 30 September 2019 making us one of Europe's largest listed real estate investment companies.

Our strategy is to provide places which meet the needs of our customers and respond to changing lifestyles - Places People Prefer. We do this by creating great environments both inside and outside our buildings and use our scale and placemaking skills to enhance and enliven them. This expands their appeal to a broader range of occupiers, creating enduring demand and driving sustainable, long term performance.

Our Offices portfolio comprises three office-led campuses in central London as well as high quality standalone buildings and accounts for 55% of our portfolio. Our Retail portfolio is focused on Regional and Local multi-let centres, and accounts for 41% of our portfolio. Increasingly our focus is on providing a mix of uses and this is most evident at Canada Water, our 53 acre redevelopment opportunity where we have plans to create a new neighbourhood for London.

Sustainability is embedded throughout our business. Our places, which are designed to meet high sustainability standards, become part of local communities, provide opportunities for skills development and employment and promote wellbeing. In April 2016 British Land received the Queen's Award for Enterprise: Sustainable Development, the UK's highest accolade for business success for economic, social and environmental achievements over a period of five years. Further details can be found on the British Land website at www.britishland.com

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