Land Securities sells £140m Grand Buildings, WC2

Land Securities Group PLC said it has completed the sale of Grand Buildings in London WC2 for about 140 mln stg to Noriba Bank, a member of the UBS Group. The 18,400 square-metre building comprises offices with retail on the ground floor and the total gross rental income on the property is in excess of 9.7 mln stg per annum.

Mark Collins, chief executive of Land Securities Portfolio Management, commented on the sale: 'A decision was taken to sell the building following a review earlier this year and, by selling at this time, we have been able to secure an attractive price.

'The proceeds of the sale will be reinvested back into group activities which we believe offer better earnings and growth potential.'

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