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Land Securities Group PLC on Thursday said it has agreed to sell the commercial property known as 32-50 Strand in London to Singapore-listed real estate firm Sinarmas Land Ltd for £195 million, reflecting a net initial yield of 4.2%.
The property is a mixed-use commercial building comprising 139,000 square feet, over the basement, ground and eight upper floors.
The deal is expected to be completed in June, and is in line with LandSec's strategy to accelerate growth by recycling capital into higher return opportunities.
‘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,’ said Marcus Geddes, managing director of Central London.
Shares in Land Securities were down 1.8% at 702.00 pence each on Thursday morning in London.
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