Land Securities has completed the sale of its Fleet Street Estate to the City of London Corporation for 拢74 mln (EUR 78 mln). The Fleet Street Estate comprises eight adjoining self-contained buildings which provide an aggregate lettable floor area of 18,628 m[sup]2[/sup].
Land Securities has completed the sale of its Fleet Street Estate to the City of London Corporation for 拢74 mln (EUR 78 mln). The Fleet Street Estate comprises eight adjoining self-contained buildings which provide an aggregate lettable floor area of 18,628 m2.
The freehold site occupies a prime position in the heart of London's Midtown district. A substantial part of the site is occupied by the Office of Fair Trading. Ownership is being transferred to the City in three tranches.
'We believe that the capital released by this sale will work better for us by generating outperformance in other areas than through redeveloping this particular site,' said Richard Linnell, head of Investment Management in Land Securities' London Portfolio.
The City Surveyor and Drivers Jonas advised the City, and Land Securities was represented by BH2.
Land Securities is the UK's largest Real Estate Investment Trust with a national portfolio of commercial property worth around 拢12 bn.
