6th Jan 2005 08:40
Land Securities Group Plc6 January 2005 The following amendment has been made to the 'Disposal' announcement released today at 07:00 under RNS No 0705H. The second heading within the text of the announcement that read 'Land Securities SELLS GRAND BUILDINGS, LONDON WC2' has been removed. All other details remain unchanged. The full amended text is shown below. 6 January 2005 LAND SECURITIES GROUP PLC ("Land Securities") Land Securities announces sale of regional retail properties Land Securities announces the completion of two transactions comprising the saleof regional retail properties, totalling 21,000 sq m (225,960 sq ft), to fourpurchasers for approximately £115m. In one transaction, Land Securities completed the sale of a portfolio of eighthigh street retail properties to CBRE Investors acting on behalf of in-housepension fund clients for a figure in excess of £58m, showing an overall initialyield of 5.14%. The following properties were sold: • City Arcade, Birmingham • 23/25 Foregate Street & 10 Frodsham Street, Chester • 63/65 Above Bar Street & 30 Portland Street, Southampton • 82-87 Bradford Street & 1/11 Park Street, Walsall • 10/10A Coney Street, York • 56/58 Clarence Street & 90 Eden Street, Kingston upon Thames • 4-4D Castle Street, Norwich • 22/24 New George Street, Plymouth. In a further transaction, Land Securities exchanged contracts for the sale ofits Coventry retail holdings for a sum in excess of £57m, showing an initialyield of 5.9%. The transaction involved the sale to Morley Fund Management,acting for and on behalf of Norwich Property Trust Limited, of The Precinct,Coventry comprising 33 shops and Leofric Hotel for approximately £51.8m and thesale to Morley Pooled Pensions Limited of 21/25 Hertford Street, comprising 4shops and a public house for approximately £5.3m. Commenting on the transactions, Richard Akers, Managing Director, RetailPortfolio at Land Securities, said: "These properties are all let to strong tenants and have performed very well forLand Securities during our period of ownership, creating significant value forshareholders. The sales are in accordance with our strategy of investing inshopping centres and retail parks where there are opportunities to add valuethrough active asset management." Land Securities was advised by Dalgleish on the high street portfolio and FrancWarwick on the properties in Coventry. CB Richard Ellis represented CBRE Investors. Knight Frank represented NorwichProperty Trust Limited and Morley Pooled Pensions Limited. -ends- For further information please contact: Richard Akers/Melissa Winsor Land Securities Tel: 020 7413 9000 Stephanie Highett/Dido Laurimore Financial Dynamics Tel: 020 7831 3113 Editors Notes - 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 • Central London offices and • Property outsourcing. Its £8 billion investment portfolio includes more than 810,000 sq m of officespace in Central London and substantial retail holdings in Oxford Street,Tottenham Court Road and Notting Hill Gate. In addition the Group owns 18shopping centres and 25 retail parks located across the UK. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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