LONDON (dpa-AFX) - Land Securities Group Plc. (LAND.L), a UK based real estate company, on Monday announced the sale of 123 Victoria Street, SW1 to SevenCitiesLdn, an asset management company, on behalf of Seven Capital Plc. for £211 million.
Land Securities will receive £181 million upon expected completion in October, with the remaining £30 million payable within 36 months.
123 Victoria Street is a 245,000 sq. ft. office building, originally built in the 1970s and last refurbished in 2012. The estimated net rental income yield over the next five years is 6 percent.
Landsec said the transaction is part of its strategy to release £2 billion of capital from offices by 2030 and reinvest in assets that can deliver higher income and income growth.
The disposal is expected to reduce the company's net tangible assets per share by 0.3%.
The shares were trading at 624.0 pence, up 6 pence or 0.97 percent on the London Stock Exchange.
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