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Land Securities Group PLC on Monday said it completed the sale of 21 Moorfields to a Sydney-listed investment vehicle managed by global real estate group Lendlease.
The London-based property developer and investor sold the office site for £809 million, which it said was part of a strategy to ‘recycle capital out of mature London offices’. After development-related items, the company will receive £733 million from the sale.
The building at 21 Moorfields, EC2, covers 564,000 square feet in total. It is situated directly above Moorgate underground station in London and is fully pre-let to German bank Deutsche Bank AG.
Landsec said the sale will strengthen its ‘strong financial base’, and crystallises a 25% profit on cost.
The completion takes place on previously outlined terms, which state that Landsec will retain responsibility for completing the development while Lendlease manages the investment vehicle.
Landsec shares were trading at 517.00 pence in London on Monday afternoon, down by 3.5%.
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