Landsec acquires 55 Old Broad Street

Landsec has bought 55 Old Broad Street, EC2, near Liverpool Street Station, for £87m from PGIM Real Estate. The deal reflects a net initial yield of 4.1%. The 100,000 sq ft office, which “wraps around” Landsec’s Dashwood House, is 87% let to tenants including Ecom Agrotrade, GB Rail Freight and Barclays. The deal is expected to complete in January. Landsec head of investment Nick de Mestre said: “The development potential of this asset, combined with the potential for Dashwood, offers Landsec the opportunity to deliver a compelling, best-in-class destination over the medium term.” Knight Frank represented Landsec; PGIM Real Estate was represented by Squarebrook and JLL.