Land Securities Group has announced that it has sold its freehold interest in New Scotland Yard to the Metropolitan Police Authority.
Richard Linnell, Head of Investment at Land Securities' London Portfolio, said: "This asset is occupied by the Metropolitan Police, and this transaction provides them with an opportunity to manage their operational property directly. As there is very limited action for us in holding the property over the next few years, a release of equity from it is in shareholders' best interests."
Steve O'Connell, Chair of the MPA Finance and Resources Committee, said: "The Metropolitan Police Authority is pleased to have completed the purchase of the freehold interest in New Scotland Yard. This move will give us total control over the operational management of the building and decisions about the timing and extent of any future asset strategies."
Franc Warwick and King Sturge advised Land Securities and CB Richard Ellis advised the Metropolitan Police Authority.
Source: Land Securities