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Land Securities has announced that it has sold a 50 per cent stake in London office complex Thomas More Square Estate to the Ontario Teachers’ Pension Plan Board for £131.5 million.
The 562,000 square foot London office space currently generates a rental income of £12.1 million and is let out to a number of firms, including Virgin Media, Svenska Handelsbanken, JP Morgan and Skanska AB.
Land Securities is the UK’s biggest real estate investment trust, and its portfolio includes some of the country’s commercial property landmarks, such as Westminster City Hall and the Bullring in Birmingham.
Since January last year, it has lost 35 per cent in its share price, and it has decided to split its London, retail and property outsourcing services into three separate companies in an effort to recoup some of that value.
The Cadillac Fairview Corporation, one of North America’s largest commercial real estate firms, manages the Ontario Teachers’ Pension Plan.