Land Securities has sold 110 Cannon Street and Martin House, both EC4 for approximately £48.5 million (approx. 55 million) to the Universities Superannuation Scheme Limited ('USS'). 110 Cannon Street is currently at the preliminary stages of a major 73,000-ft² (approx. 6,800-m²) refurbishment due to complete in spring 2012.
Robert Noel, Managing Director of Land Securities' London Portfolio, said: "There continues to be real momentum in the London market as it moves into supply constrained conditions.
"Our early mover advantage, in bringing forward potential developments, is giving us plenty of opportunity to create value. As with the sale of Park House, W1, last year, we will recycle the proceeds into other opportunities such as at 30 Old Bailey and 60 Ludgate Hill, EC4 , where we received planning permission earlier this month for a 375,000 ft² redevelopment aimed for completion by December 2013."
Graham Burnett, Head of Property at USS, said; "We are pleased to have completed the acquisition of this strategically located, freehold island block, which will enable us to deliver quality office space to the City of London market next spring.
"The purchase of this property increases the amount invested by USS into UK real estate over the last two years to in excess of £1.1 billion and we continue to remain very active across all of our key markets."
Knight Frank acted for USS.
Source: Land Securities