Land Securities has exchanged contracts for the sale of all of its interests in 98 Theobald's Road in London to Crescent Heights for 拢43 mln (EUR 50 mln).
Land Securities has exchanged contracts for the sale of all of its interests in 98 Theobald's Road in London to Crescent Heights for 拢43 mln (EUR 50 mln).
Crescent Heights is a group of closely held real estate investment companies based in Miami, Florida. This is the first UK purchase by the Crescent Heights group.
The 12,400m2 property is let to Warner Bros Entertainment until 2014 at a current rent of 拢3.9 mln per annum.
The transaction was undertaken directly between Land Securities and the purchaser.
Eric Hopkins of Crescent Heights said: 'Crescent Heights is excited to complete its first purchase in the UK. This purchase confirms our commitment to investing here and we will now move on to other acquisitions as part of our strategy of building a UK investment portfolio.'
