LONDON (dpa-AFX) - Land Securities Group plc (LAND.L) announced Friday the sale of Harbour Exchange to Blackstone European Property Income Fund or BEPIF for 196.5 million pounds. The sale price reflects a net initial yield of 3.99 percent.
The sale is unconditional, and completion of the deal will take place before the end of the calendar year.
The disposal of 6-9 Harbour Exchange, London E14 is in line with Landsec's strategy set out in October 2020.
Landsec's future growth strategy focuses on three key areas: Central London offices; major retail destinations; and urban mixed-use neighbourhoods in London and other major regional cities.
Marcus Geddes, Managing Director Central London at Landsec said, 'The sale of Harbour Exchange is very much aligned with our strategy. Through this disposal we are recycling capital into opportunities where we can bring to bear Landsec's skills and expertise to drive growth and returns for our investors.'
To support its growth strategy, the company recently purchased a majority stake in MediaCity, the 37 acre media, digital and tech hub in Salford, Greater Manchester.
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