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Land Securities sell 50% stake in west London office tower to Liberty International
Land Securities said today it has sold a 50% stake in its Empress State office tower in west London to Liberty International for £107.75 million.
The 470,000 square foot Empress State building in London's Earls Court area is let in its entirety to the Metropolitan Police Force at an annual inflation-linked rent of around £12.3 million.
The sale is in line with Land Securities' pledge to recycle capital in its portfolio and helps retail specialist Liberty International to further diversify its London property assets.
"We have held the asset for a number of years but saw limited asset management opportunities in the near future," said Richard Linnell, head of investment management for Land Securities' London portfolio.
"However, the joint venture with Liberty offers us the ability to realise value from the asset while being well placed to benefit from the continued attraction of this part of London and our combined knowledge of the area," Linnell said.
The 470,000 square foot Empress State building in London's Earls Court area is let in its entirety to the Metropolitan Police Force at an annual inflation-linked rent of around £12.3 million.
The sale is in line with Land Securities' pledge to recycle capital in its portfolio and helps retail specialist Liberty International to further diversify its London property assets.
"We have held the asset for a number of years but saw limited asset management opportunities in the near future," said Richard Linnell, head of investment management for Land Securities' London portfolio.
"However, the joint venture with Liberty offers us the ability to realise value from the asset while being well placed to benefit from the continued attraction of this part of London and our combined knowledge of the area," Linnell said.
Wed, 20th Aug 2008