RCS - Land Sec. Group PLC - Landsec agrees sale of Harbour Exchange

Land SecuritiesAnnouncement

12/11/2021 07:05

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RNS Number : 1352S  Land Securities Group PLC  12 November 2021

Land Securities Group PLC ("Landsec")
Landsec agrees sale of Harbour Exchange for £196.5m

 

12 November 2021

 

Landsec is pleased to announce the sale of 6-9 Harbour Exchange, London E14 to Blackstone European Property Income Fund (BEPIF) for £196.5m, in a transaction that underlines strong investor demand for high quality income in central London. The sale price reflects a net initial yield of 3.99%.
 
The disposal is in line with Landsec's strategy set out in October 2020, which identified a future growth strategy focused on three key areas: Central London offices; major retail destinations; and urban mixed-use neighbourhoods in London and other major regional cities.
 
The goal of this strategy is to accelerate growth through recycling capital into higher return opportunities and deliver for investors an attractive combination of income and growth driven returns.
 
The transaction is the latest in a number of steps Landsec has taken in recent months to support its growth strategy, including the purchase of a majority stake in MediaCity, the 37 acre media, digital and tech hub in Salford, Greater Manchester.

 

Marcus Geddes, Managing Director Central London  at Landsec said: "The sale
of Harbour Exchange is very much aligned with our strategy. Through this
disposal we are recycling capital into  opportunities where we can  bring to
bear Landsec's skills and expertise  to drive growth and returns for our
investors."

Harbour Exchange is located in the Docklands area of London, adjacent to
Millwall Dock, directly to the south of Canary Wharf. The Property is in close
proximity to South Quay and Crossharbour DLR stations, providing access to
Central London. Harbour Exchange comprises of two adjoining re-purposed office
buildings, originally constructed in 1989 with approximately 278,198 sq ft of
datacentre and office accommodation. The space is let to Equinix (UK) Limited
with an unexpired lease term of nearly 20 years.

 

The sale is unconditional, completion will take place before the end of the
calendar year.

 

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 £10.8 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
 Sara Doggett              Edward Thacker
 +44 (0)7834 431258        +44 (0) 7887 825869
 sara.doggett@landsec.com  edward.thacker@landsec.com

 

About BEPIF

 

BEPIF is a perpetual-life vehicle that provides income-focused individual
investors access to institutional quality real estate.

 

Find out more at bepif.com

 

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