The UK’s largest listed commercial property company, Land Securities, has exchanged contracts to sell its 95 per cent stake in Times Square, London to real estate funds managed by Blackstone for £268.4 million.
Located at 160-162 Queen Victoria Street, close to Blackfriars Station, the 380,000 sq ft office building is currently fully let to six tenants including law firm Dechert, and Bank of New York Mellon, all of which have leases that run until 2023.
Managing Director of the London Portfolio at Land Securities, Colette O’Shea, said: “We’ve recently carried out some lease re-gearing activity at Times Square, and its sale reflects our strategy of recycling capital into our significant development programme”.
Anthony Myers, Head of Real Estate Europe at Blackstone, said: “This is our fourth investment in London as part of Blackstone Property Partners’ Core+ strategy, following the most recent acquisition of 125 Old Broad Street.
“Times Square fits the core+ strategy extremely well as a high quality, well-leased asset in the centre of a global gateway city”.
Completion of the sale is expected by the end of July this year.
Land Securities owns and manages over 25 million sq ft of property, ranging from offices to shopping centres. Their portfolio is valued at more than £13 billion.
Blackstone has approximately $81 billion in investor capital under management with a portfolio including offices, hotels and industrial properties, across Europe, Asia, Latin America and US.
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