July 27, 2017 / 11:45 AM / 2 years ago

BRIEF-Land Securities disposes of "Walkie Talkie" skyscraper

July 27 (Reuters) - Land Securities Group Plc

* DISPOSAL OF 20 FENCHURCH ST & RETURN OF PROCEEDS

* SELLS ITS SHARE OF 20 FENCHURCH STREET, EC3M FOR £641 MILLION AND PROPOSES TO RETURN £475 MILLION TO SHAREHOLDERS

* EXCHANGED CONTRACTS TO SELL ITS 50% STAKE IN 20 FENCHURCH STREET, EC3M TO LKK HEALTH PRODUCTS GROUP LIMITED FOR A HEADLINE PRICE OF £641.3 MILLION

* LKKHPG WILL ALSO ACQUIRE CANARY WHARF GROUP’S 50% STAKE IN BUILDING, BRINGING TOTAL HEADLINE PRICE TO £1,282.5 MILLION

* AFTER COSTS OF SALE, TOP UP OF UNEXPIRED RENT FREE PERIODS AND OTHER COMMITMENTS, LANDSEC EXPECTS TO RECEIVE £634.5 MILLION IN NET PROCEEDS

* WILL BE RETURNING CASH TO SHAREHOLDERS AS RESULT OF SALE, GEARING WILL REMAIN UNCHANGED FROM CURRENT LEVELS Source text for Eikon: Further company coverage:

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