7th Aug 2007 07:00
Land Securities Group Plc07 August 2007 7 August 2007 Land Securities Group PLC ("Land Securities") LAND SECURITIES SELLS GREATER LONDON HOUSETO LAZARI INVESTMENTS FOR £165M Land Securities today announces that it has exchanged contracts for the sale ofGreater London House, Hampstead Road, London NW1 to Lazari Investments forapproximately £165 million. The Art Deco 330,000 sq ft (30,658 sq m) office building was developed in the1920s as a cigarette factory and refurbished in 1999 to provide "loft-style"office accommodation and a commercial gym. Current occupiers include Young &Rubicam, Tula Group, EMAP and TUI. Commenting on the sale, Richard Linnell, Head of Investment Management for LandSecurities' London Portfolio, said: "Land Securities is very pleased to have disposed of this property at a goodprice in a strong investment market. We bought the building three years ago andit has provided us with an excellent investment performance during the period ofour ownership. The sale proceeds will be recycled into the Land SecuritiesGroup business as with previous recent disposals." Christos Lazari of Lazari Investments commented, "Lazari Investments is delighted to acquire the freehold interest in GreaterLondon House which is a landmark office building located in the heart of Camdenin close proximity to London's West End. The property, which is situated on a2.6 acre island site and has unrivalled 55,000 sq ft floorplates and impressivelevels of natural light, provides us with the exciting opportunity to activelymanage the asset to achieve rental growth. The acquisition will take ourproperty portfolio to £1.6 billion and will perfectly complement our otherestates in Tottenham Court Road, Euston, Baker Street, Wigmore Street, OxfordStreet and Camden." Franc Warwick advised Land Securities. -Ends- For further information, please contact: Melissa Winsor / Richard Linnell Stephanie Highett / Dido LaurimoreLand Securities Group PLC Financial DynamicsT +44 (0)20 7413 9000 T +44 (0)20 7831 3113 Notes to editors: 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 outsourcing and through urban community developmentare involved in long-term, large-scale regeneration projects in the south-east. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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