RNS Number : 8735U
Land Securities Group Plc
01 July 2009
1 July 2009
For immediate release
Land Securities Group PLC ("Land Securities")
LAND SECURITIES SELLS PORTMAN HOUSE, OXFORD STREET
Land Securities today announced that it has completed the sale of Portman House, a retail and office investment in a prime location on Oxford Street, London W1, to Kinloss Property Limited, a wholly owned subsidiary of the Libyan Foreign Investment Company (LAFICO) for £155 million which reflects a yield of just over 7.0%.
The building provides 146,550 ft2 (13,615 m2) of multi-tenanted offices and retail accommodation at a total rent of £11.5million per annum. The property is held on a long lease from The Portman Estate for a term expiring 2152.
The 101,857 ft2 (9,462 m2) of air-conditioned office space is located over the second to seventh floors and is let on leases with 3 to 7 years unexpired and passing rents of £49.50 to £80.00 per sq. ft. The 44,695 ft2 (4,152 m2) retail accommodation is located over the ground and first floors and is let to New Look, Russell & Bromley and Boots the Chemist.
Franc Warwick advised Land Securities.
James Andrew International advised Kinloss Property Limited (LAFICO) and from today have taken over the management of the investment.
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For further information, please contact:
Melissa Winsor / Richard Harvey Soning / Jeremy Grey
Linnell
Land Securities Group PLC James Andrew International
T +44 (0)20 7413 9000 HS +44 (0)20 7224 4436/+44 (0)20 7317 1586
JG + 44 (0)20 8349 7171/+ 44 (0)7973 327753
Notes to editor:
Land Securities is the UK's leading Real Estate Investment Trust and has a large portfolio of commercial property in London and UK regional cities.
The portfolio comprises over 50 retail parks and shopping centres including the quadruple award winning Cabot Circus in Bristol and Princesshay in Exeter. It is also the leading provider of office accommodation in London owning properties such as the Piccadilly Lights, Westminster City Hall, Cardinal Place in Victoria and the newly created New Street Square complex in Midtown.
Through its development programme Land Securities is creating attractive and innovative new offices and retail destinations that transform their surroundings. On site now in London, 'One New Change' is revitalising the area surrounding St Paul's cathedral while in Cardiff the retail offer and amenities of the City are being dramatically enhanced with the St David's scheme.
This information is provided by RNS
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