Land Securities has agreed a deal to sell 32-50 Strand, in London, for £195m, representing a net initial yield of 4.2% to Sinarmas Land Limited, a real estate company listed on the Singapore Exchange.
The disposal is in line with Landsec’s strategy to recycle capital into higher return opportunities, and is expected to complete in June 2022.
32-50 Strand is a mixed-use commercial building comprising 139,000 sq ft over basement, ground and eight upper floors. It is located at the western end of the Strand and is located next to Charing Cross station.
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.”
LAND : Land Securities sells Strand office for £195m