Land Securities Group PLC announces that it has completed the sale of 30 Gresham Street to GIC Real Estate Pte Ltd (GIC RE) for Â£274m, representing a yield on income of 5.6%. GIC RE has entered into the sale agreement through its affiliate.
Mike Hussey, Managing Director of Land Securitiesâ London Portfolio, commented: âWe are delighted to have concluded the sale of 30 Gresham Street, realising the value we have created through its development and subsequent letting to Dresdner Kleinwort Wasserstein. Land Securities will reinvest the proceeds in other opportunities within the London market.â
President of GIC RE, Dr Seek, commented on the purchase; "This is an ideal opportunity for GIC RE to increase its exposure to the prime London City market.
BH2 represented Land Securities and GIC RE was represented by Strutt and Parker.
Source: Land Securities