26th Jul 2007 07:01
Land Securities Group Plc26 July 2007 26 July 2007 Land Securities Group PLC ("Land Securities" / "Group")LAND SECURITIES AGREES SALE OF AWARD WINNING WHITEFRIARS SCHEME Land Securities announced today that it has exchanged contracts for the sale ofits award winning Whitefriars retail scheme in Canterbury city centre toHenderson Global Investors and Canada Pension Plan Investment Board for £253million, giving a net initial yield of 4.1% and a nominal equivalent yield of4.85%. The retail holdings, which together make up the Whitefriars Quarter, total600,000 sq ft and are anchored by Fenwick, Marks and Spencer and key nationalfashion retailers. The scheme comprises three properties: 1. Clocktower - redeveloped in the early 1990s; 2. Whitefriars - completed in 2005, winning the BCSC Supreme Gold award and an International Design & Development Award by ICSC; and 3. Marlowe Arcade - an extensive refurbishment completed in March 2007. Francis Salway, Group Chief Executive of Land Securities, commented on the saleof the holdings: "Land Securities has been able to create significant value for its shareholdersthrough the development and letting of this unique retail destination in theheart of Canterbury city centre. The capital from the sale of the Whitefriarsscheme will be reinvested into other projects within our significant retaildevelopment programme, which currently totals over £1.1bn." Henderson Global Investors' UK Shopping Centre Fund and the Canada Pension PlanInvestment Board have formed a 50/50 joint venture to acquire the holdings. Cushman & Wakefield acted for Land Securities, Morgan Williams acted for thepurchaser. -Ends- For further information please contact: Francis Salway /Melissa Winsor Stephanie Highett/Dido Laurimore/Lauren MillsLand Securities Financial DynamicsTel: 0207 413 9000 Tel: 0207 831 3113 Notes to Editors Land Securities Group PLC Land Securities is the UK's leading real estate investment trust. Our nationalportfolio of commercial property, worth many billions of pounds, includes someof Britain's best-known shopping centres, such as the Birmingham Bullring andGunwharf Quays in Portsmouth, as well as London landmarks such as the PiccadillyLights and Westminster City Hall. We are leading urban renaissance through ourbillion pound development programme, transforming Exeter, Bristol and Cardiffcity centres as well as key sites in Central London. We are also one of theleading names in property partnerships and through urban community developmentare involved in long-term, large-scale regeneration projects in the south-east.www.landsecurities.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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