LaSalle Investment Management ("LaSalle") today announced the sale of its 5 The Strand property in London for £44 million (approx. 48.7 mln.) on behalf of a retained pension fund client. The transaction represents an initial yield of 6.5%.
The 6,709 m² property, prominently located next to Trafalgar Square, was developed by the pension fund in 1980 (completed in 1983) and will remain the headquarters office of Land Securities Plc for a further 9 years.
LaSalle Investment Management Fund Manager Julian Agnew said, "This is an asset where we have recently re-geared the leases with the tenants and therefore have looked to capitalize on the current demand for offices within the West End. We will look to reinvest these proceeds and further monies into assets that have potential for change of use through planning or into multi-let buildings with short leases .Our preference is to work with partners on theses type of situations."
The purchaser, a private individual, represented themselves and LaSalle Investment management was represented by Jones Lang LaSalle.