British Land Buys Mayfair Offices Valued at $202 Million

British Land Co., the U.K.’s second-largest real estate investment trust, agreed to buy two buildings in central London’s Mayfair district and plans to convert them into luxury homes, shops and offices.

British Land spent 129.6 million pounds ($202 million) for the properties, the company said in a statement today. The purchase includes almost an acre of land in the neighborhood, which along with nearby St. James’s comprise the London districts with Europe’s biggest concentration of hedge funds.