British Land Plans To Build New HQ For UBS

Commercial property landlord British Land is to develop a £300m headquarters for Swiss bank UBS in the City of London, in partnership with private equity house Blackstone.

Bluebutton Properties, the property company’s joint venture with private-equity house Blackstone, has entered into exclusive, though not yet binding, heads of terms to construct a new building for the bank at the Broadgate Estate.

The announcement represents a boost for British Land, after concerns UBS, its biggest tenant at the estate near Liverpool Street Station, might leave in 2014 when it reached break clauses in its rents.