Property Week - November 14, 2003
Land Securities is selling two of its London office holdings as it continues to capitalise on the strong market for well-let investments. The UK's largest property company has exchanged contracts to sell the IBM Building on Upper Ground, SE1, to UK & European Investments for Pounds 74.5m. It is also in talks to sell Lacon House on Theobalds Road, WC1, the headquarters of law firm Nabarro Nathanson, to German open-ended fund DB Real Estate for around Pounds 90m. The sales are the latest in a series by LandSecs in the capital. Already this year it has sold Grand Buildings in Trafalgar Square to UBS subsidiary Noriba Bank and Salisbury Square House in the City to Deka.
The IBM Building comprises 216,000 sq ft (20,067 sq m) in a prime position on the South Bank next to the National Theatre. The purchase price reflects a yield of just under 7%. The sale of the property comes four years after LandSecs acquired it in a Pounds 61m sale-and-leaseback with the computer company. IBM is committed until at least 2014, when it has the chance to break the lease.
The Lacon House building was let to Nabarro Nathanson in 1998, when the firm moved from Mayfair Place in the West End in a deal that was seen as crucial to reviving Holborn as an office destination. The deal comes just weeks after DB Real Estate bought Tishman Speyer’s Tower Place scheme next to the Tower of London for £215m.
Sphere: Related Content
Wednesday, December 10, 2003
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment