UK commercial property investment firm Landsec is selling a mixed-use building in London to Indonesian real estate company SinarMas Land for £195m (€232m).
Landsec said the disposal of 32-50 Strand, London, WC2 is part of the listed company’s strategy to “accelerate growth through recycling capital into higher return opportunities”.
The 32-50 Strand building comprises 139,000sqft over basement, ground and eight upper floors.
Marcus Geddes, managing director, Central London at Landsec, said: “The sale of Strand crystalises 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 read the latest edition of the latest IPE Real Assets magazine click here.
