Land Securities today announces that it has exchanged contracts for the sale of all of its interests in 98 Theobald's Road to Crescent Heights for £43 million.
Crescent Heights is a group of closely held real estate investment companies based in Miami, Florida, USA. This is the first UK purchase by the Crescent Heights group.
The 12,400-m² property is let to Warner Bros Entertainment Limited until 2014 at a current rent of £3,895,000 pa.
The transaction was undertaken directly between Land Securities and the purchaser.
Eric Hopkins of Crescent Heights said: "Crescent Heights is excited to complete its first purchase in the UK. This purchase confirms our commitment to investing here and we will now move on to other acquisitions as part of our strategy of building a UK investment portfolio."
Source: Land Securities