20th Jul 2005 09:00
Land Securities Group Plc20 July 2005 20 July 2005 LAND SECURITIES GROUP PLC ("Land Securities" / "Group") Land Securities buys £157m of London offices Land Securities announces that it has purchased three London offices, 15 BonhillStreet, London EC2, Holborn Gate, 26 Southampton Buildings, London WC1 and 140Aldersgate Street, London EC1 for a total of £157m. Of the three buildings, twoare income producing and one, 140 Aldersgate Street, is a 9,012 sq m (97,000 sqft) vacant new development. The building at 15 Bonhill Street is a 10,620 sq m (115,000 sq ft) fullyrefurbished 1960s building let to Amex, RIBA, YKK and Transport for Londonproducing £2.5m rental income per annum representing a 7.14% initial yield. Holborn Gate is a 14,859 sq m (160,000 sq ft) property which was fullyrefurbished in 1999. Its occupiers include NatWest, Hogg Robinson, Xansa,Pinemont Securities and Financial Dynamics. Rental income is just over £5.3mper annum representing an initial yield of 6.2%. Commenting on the acquisitions Mike Hussey, Managing Director London Portfolio,said "Bonhill Street and Holborn Gate represent income producing assets with goodprospects for rental and capital growth through active management. 140Aldersgate Street was identified initially for Landflex and we are alsoreceiving interest for this newly completed development from occupiers seekingconventional lease terms." Agents for the transactions were: Bonhill Street Land Securities: King Sturge Vendor: AtisHolborn Gate Land Securities: Fineman Ross/Sparkes Porter Vendor: King SturgeAldersgate Street Land Securities: Allsops Vendor: BH2 - Ends - For further information, please contact: Mike Hussey/Emma DenneLand Securities Group PLCTel: 020 7413 9000 Stephanie Highett/Dido LaurimoreFinancial DynamicsTel: 020 7831 3113 Notes to Editors Land Securities Group PLC Land Securities is a FTSE 100 company, quoted on the London Stock Exchange. Ithas been at the forefront of the UK's commercial property industry for over 60years. Today, the Group maintains its market leading position as the UK'slargest quoted property company by providing commercial accommodation andproperty services to a wide range of occupiers. The Group's objective is tocreate attractive and sustainable returns for its shareholders through itsactivities, which include property investment, development and propertyoutsourcing. Land Securities holds a market leading position in three areas of the UKcommercial property market: • Retail,• London offices and• Property outsourcing. Its £9.4 billion combined investment portfolio includes over 10 million sq feetof office and retail space in Central London and 28 shopping centres and 31retail parks located across the UK. It has a substantial development programme with a number of development projectsincluding major retail-led urban regeneration schemes and Central Londonmixed-use developments. The Group is also masterplanning one of Europe'slargest regeneration schemes in Kent Thameside. The Group leads the market in property outsourcing where, through LandSecurities Trillium, it provides accommodation and property-related services tothe Department for Work and Pensions, the BBC, Norwich Union, Barclays Bank,DVLA and through a joint venture, Telereal, to BT. The Group is committed to environmental initiatives and community involvementrecognised by the Group's inclusion in the BiTC Corporate Responsibility Index,FTSE4Good Index and the Dow Jones Sustainability Index. For more information on Land Securities visit www.landsecurities.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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