British Land and Royal London Asset Management Property announced the formation of a new 50:50 joint venture ('JV') to accelerate the delivery of 1 Triton Square into a best in class science and innovation building at Regent's Place. The agreement values 1 Triton Square at PS385m. The new JV will combine British Land and Royal London Asset Management's development and asset management capabilities to deliver a world class science and innovation building.

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. The transaction delivers against one of British Land's key strategic priorities to actively recycle capital, with proceeds being reinvested into future developments. The establishment of this JV partnership accelerates and enhances returns.

The JV marks an important milestone for Royal London Asset Management's property team as it builds on its existing life sciences and innovation platform across the Golden Triangle of London, Cambridge and Oxford.