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REG - Land Sec. Group PLC - Landsec exchanges on the sale of 32-50 Strand

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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 £195m,
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 £11 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 (mailto:tayla.benson@fleishman.com)  E: Edward.Thacker@landsec.com

 M: 07402434394                                                     M:  +44 (0) 20 7024 5185

 

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