Land Securities, the biggest property company in Europe, has completed its sale of 1, Wood Street, to the fund manager Aerium Finance. The London property houses over 175,000 square feet of office space, which is let to Eversheds, one of the largest law firms in the world.
The building was completed in 2007 at the height of the property boom, and its current rental income is in excess of £8 million per year. Aerium is purchasing Wood Street for its Glenn Arrow UK Property Fund, which was set up last year to target high-end office space and London retail property. A further £3.4 million annual income comes from Citigroup, which LandSec will retain until their lease expires at the end of 2010.
The long leasehold on Wood Street, which is held from the City Parochial Foundation for another 156 years, was sold for £105 million.