Developer signs joint venture with Blackstone to deliver new building in London office complex

Commercial developer British Land is to enter into a joint venture to build a new UK head office for bank UBS at its Broadgate development above Liverpool Street Station in London.

British Land said in a statement that joint venture subsidiary Bluebutton Properties had “entered into exclusive non-binding heads of terms” with UBS to construct a new building for on the site of 4 and 6 Broadgate.

Bluebutton Properties is a 50:50 joint venture company between British Land and Blackstone funds, the parent company of the group which owns the Broadgate Estate.

However British Land said there could be no certainty that a binding deal will be signed, and it would make a further announcement in due course.