Land Securities has exchanged contracts for a 50% sale of Thomas More Square Estate, London E1 to Ontario Teachers' Pension Plan Board for £131.5 million (c. €171m).
The 52,223-m² complex was purchased in July 2007 by Land Securities. Current occupiers include JP Morgan, Skanska AB, Virgin Media and Svenska Handelsbanken, generating a current rental income of some £12.1m per annum.
Commenting on the sale, Richard Linnell, Head of Investment Management for Land Securities' London Portfolio, said, "We are delighted to have entered into co-ownership on this with Cadillac Fairview for Ontario Teachers' Pension Plan who share our view of the strong asset management potential of this estate. We hope that this will create a platform for successful future co-investment with them."
Andrea Stephen, Executive Vice-President of Investments for The Cadillac Fairview Corporation Limited, the real estate arm of Ontario Teachers' Pension Plan Board, commented, "We are very excited about our association with Land Securities. We believe this will be a long and prosperous relationship and Thomas More Square is the perfect start to this partnership."
Land Securities acted direct on this transaction with Cadillac Fairview / Ontario Teachers' Pension Plan using DTZ real estate advisors.
Source: Land Securities