26th Feb 2007 14:05
Land Securities Group Plc26 February 2007 26 February 2007 Land Securities Group PLC ("Land Securities")LAND SECURTIES ANNOUNCES SALE OF DEVONSHIRE HOUSE, W1 Land Securities announced today that it has exchanged contracts for the sale ofDevonshire House, London W1 to a wholly owned subsidiary of DCD and The WitkoffGroup for over £280m. The 15,619 sqm (186,472 sqft) landmark building on an island site on Piccadillybetween Stratton Street, Berkeley Street and Mayfair Place in London's West Endcomprises offices with nine retail shops and showrooms on the ground floor. Theoffices are occupied by various major groups, including Boston Consulting, EgonZehnder International, Alliance Bernstein and Bain Capital and the retailtenants include Marks & Spencer. The property provides a total rental income inexcess of £11m per annum. Mike Hussey, Managing Director for the London Portfolio at Land Securities,commented on the sale: "We have owned Devonshire House since 1955 and during this time Land Securitieshas been able to create very considerable value for our shareholders through theproperty's refurbishment and subsequent lettings. The strength of theinvestment market made it a very appropriate time to sell this prominent assetand we have been able to secure a significant premium price. The proceeds ofthe sale will be reinvested in other investment and development projects inLondon, creating new trophies for the Group." Scott Alper, Principal for the Witkoff Group said: "We along with DCD Group are excited to be able to purchase Devonshire House,one of the most prestigious landmark properties in London's Mayfair district.In light of the emergence of London as the financial capital of the world,Witkoff Group sees tremendous opportunity in the marketplace and is very excitedto add Devonshire House to its London real estate holdings." Land Securities was advised by Franc Warwick. Witkoff and DCD Group wereadvised by CBGA. -Ends- For further info, please contact: Land Securities Group PLC Financial Dynamics Melissa Winsor/Mike Hussey Dido Laurimore T +44 (0)20 7024 5462 T +44 (0)20 7831 3113 London Portfolio Land Securities is the UK's leading real estate investment trust. Half ourmulti-billion pound portfolio is in London, where we own many landmark buildingssuch as the Piccadilly Lights and Westminster City Hall and are developing someof the capital's most innovative mixed-use schemes, such as Cardinal Place,Victoria and New Street Square in mid-town. Land Securities' investmentportfolio also includes around 60 retail parks and shopping centres such as theBullring in Birmingham. We are also one of the leading names in propertyoutsourcing, and through urban community development are 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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