7th Dec 2018 08:59
LONDON (Alliance News) - Land Securities Group PLC said on Friday it has acquired a 1.6 acre site on Lavington Street in Southwark, south east London for GBP87.1 million from an unnamed private company.
The site consists of two buildings amounting to 128,000 square feet and is said to have significant development potential.
The FTSE 100-listed property investment company said the acquisition will add to its central London development pipeline, which currently stands at 2 million square feet.
"This acquisition gives us great potential in a submarket in which we have deep experience. We're excited about the development prospects for this site due to a combination of location, flexibility and scale," said Colette O'Shea, managing director for the London Portfolio.
Shares in Landsec were up 2.7% at 828.20 pence on Friday.
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