27th Apr 2005 09:30
Land Securities Group Plc27 April 2005 27 April 2005 Land Securities Group PLC ("Land Securities" / "Group") LAND SECURITIES SELLS 30 GRESHAM STREET, EC2 Land Securities Group PLC announces that it has completed the sale of 30 GreshamStreet to GIC Real Estate Pte Ltd (GIC RE) for £274m, representing a yield onincome of 5.6%. GIC RE has entered into the sale agreement through itsaffiliate. Mike Hussey, Managing Director of Land Securities' London Portfolio, commented: "We are delighted to have concluded the sale of 30 Gresham Street, realising thevalue we have created through its development and subsequent letting to DresdnerKleinwort Wasserstein. Land Securities will reinvest the proceeds in otheropportunities within the London market." President of GIC RE, Dr Seek, commented on the purchase; "This is an ideal opportunity for GIC RE to increase its exposure to the primeLondon City market." BH2 represented Land Securities and GIC RE was represented by Strutt and Parker. - Ends - For further information please contact: Melissa WinsorLand Securities GroupTel: 020 7413 9000 Stephanie Highett/Dido LaurimoreFinancial DynamicsTel: 0207 813 3113 Note to Editors 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 60 years.Today, the Group maintains its market leading position as the UK's largestquoted property company by providing commercial accommodation and propertyservices to a wide range of occupiers. The Group's objective is to createattractive and sustainable returns for its shareholders through its activities,which include property investment, development and property outsourcing. Land Securities holds a market leading position in three areas of the UKcommercial property market: • Retail • London offices and • Property outsourcing. Its £8.9 billion investment portfolio includes office space in Central Londonand substantial retail holdings in Oxford Street, Tottenham Court Road andNotting Hill Gate. In addition the Group owns 21 shopping centres and 25 retailparks 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. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Land Securities