Landsec has sold 32-50 The Strand, WC2, to Singapore’s Sinarmas Land for £195m.
The deal for the 139,000 sq ft, eight-storey, mixed-use building represents a net initial yield of 4.2%. It is expected to be completed in June 2022.
Marcus Geddes, managing director for Central London at Landsec, said: “The sale of Strand crystallises value that we’ve created since its comprehensive refurbishment in 2012 and more recently through active asset management to extend the length of the office and retail income. The sale recycles capital to fund long-term growth and new acquisitions to drive returns for shareholders.”
To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews
View market analytics for the London sub-market on EG Radius >>
