British Land Buys Majority of London Complex

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Britain's second-largest listed developer purchased the majority of a west London office complex for £470 ($708 million) from insurer Aviva.

British Land's acquisition includes offices, shops, a hotel and development sites at the PaddingtonCentral scheme with a rental yield expected to grow 6.2 percent, according to Reuters. Tenants include AstraZeneca and Nokia.

"PaddingtonCentral is one of London's most important transport interchanges (and) that's only going to increase in importance with Crossrail," British Land executive Chris Grigg told Reuters.

The capital's Crossrail east-west train line is expected to open in 2018, increasing prices between five and ten percent for property within 200 meters of the station.

British Land is building the Cheesegrater skyscraper in the city of London. It previously sold an office block in the city's financial district and announced it will sell £255 million ($391 million) of retail properties on the mainland.