Land Securities Group PLC Landsec exchanges on the sale of 32-50 Strand (1775L)
12 Maggio 2022 - 8:00AM
UK Regulatory
TIDMLAND
RNS Number : 1775L
Land Securities Group PLC
12 May 2022
Land Securities Group PLC ("Landsec")
12 May 2022
Landsec exchanges on the sale of 32-50 Strand
Landsec has today announced that it has entered into a sale and
purchase agreement relating to the sale of 32-50 Strand, London,
WC2 for GBP195m, representing a net initial yield of 4.2% to
Sinarmas Land Limited, a real estate company listed on the
Singapore Exchange and headquartered in Singapore. The transaction
is expected to be completed later in June 2022.
The disposal is in line with Landsec's strategy to accelerate
growth through recycling capital into higher return
opportunities.
Marcus Geddes, Managing Director, Central London at Landsec,
said: "The sale of Strand crystalises value that we've created
since its comprehensive refurbishment in 2012 and more recently
through active asset management to extend the length of the office
and retail income. The sale recycles capital to fund long-term
growth and new acquisitions to drive returns for shareholders
."
32-50 Strand is a mixed-use commercial building comprising
approximately 139,000 sq ft over basement, ground and eight upper
floors. It is located at the western end of the Strand and benefits
from excellent connectivity next to Charing Cross station.
Ends
About Landsec
At Landsec, we build and invest in buildings, spaces and
partnerships to create sustainable places, connect communities and
realise potential. We are one of the largest real estate companies
in Europe, with a GBP11 billion portfolio of retail, leisure,
workspace and residential hubs. Landsec is shaping a better future
by leading our industry on environmental and social sustainability
while delivering value for our shareholders, great experiences for
our guests and positive change for our communities.
Find out more at landsec.com
Please contact:
Press Investors
Tayla Benson Ed Thacker
E: tayla.benson@fleishman.com E: Edward.Thacker@landsec.com
M: 07402434394 M: +44 (0) 20 7024 5185
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END
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