Landsec sells London office property to Hong Kong developer for $432 mln - Check out in detail
UK landlord Land Securities (LAND.L) said on Friday it sold One New Street Square office property in London to Hong Kong-based Chinachem Group for 349.5 million pounds
British landlords are grappling with a valuation slump of their properties, plagued by rising interest rates and broader economic uncertainty.
The 276,502 square-feet office space had a valuation of 362.8 million pounds in September 2022, Landsec said.
Landsec, after a strategic review undertaken in late 2020, had planned to sell about 2.5 billion pounds worth of mature London offices
With the latest sale, it is just 400 million pounds short of that target and will use the proceeds to repay debt.
London-headquartered Landsec, which has about 11 billion pounds worth of assets, with two-thirds of those properties in Central London
Landsec, one of the top UK landlords, had said in November the overall value of its properties dropped 2.9% as of Sept. 30 from the end of March
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