Land Securities sells City of London offices
LONDON, July 6 (Reuters) - Land Securities (LAND.L), the UK's largest real estate investment trust (REIT) said on Monday it has sold the leasehold interest in London office building One Wood Street for 105.5 million pounds ($171.6 million).
The property was bought by fund manager Aerium on behalf of the Glenn Arrow UK Property Fund. It comprises 15,020 square metres of offices let to Eversheds Properties Limited and 1,500 square metres of fully let retail accommodation and generates a total annual rent of 8.4 million pounds.
The property is held on a long lease from The City Parochial Foundation for a remaining term of 156 years, at a ground rent tied to 10.85 percent of rental income.
"This sale demonstrates the growing investor interest in good quality assets. The quality of the building and the strength of the income stream has enabled us to achieve an excellent investment result," Richard Linnell, head of investment management for Land Securities London arm, said.
(Reporting by Sinead Cruise;' editing by John Stonestreet)
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