Land Securities is selling a 50% stake in its Thomas More Square Estate in London for £131.5 mln (EUR 184 mln), just four months after acquiring the property for £250 mln from Axa REIM and GIC, Singapore's investment arm. In a statement on Thursday, Land Securities said the stake is being acquired by Cadillac Fairview for Ontario Teachers' Pension Plan.

Land Securities is selling a 50% stake in its Thomas More Square Estate in London for £131.5 mln (EUR 184 mln), just four months after acquiring the property for £250 mln from Axa REIM and GIC, Singapore's investment arm. In a statement on Thursday, Land Securities said the stake is being acquired by Cadillac Fairview for Ontario Teachers' Pension Plan.

The 52,223 m2 complex generates an annual rent of £12.1m from tenants including JP Morgan, Skanska, Virgin Media and Svenska Handelsbanken.

Commenting on the sale, Richard Linnell, head of Investment Management for Land Securities' London portfolio, said: 'We are delighted to have entered into co-ownership on this with Cadillac Fairview for Ontario Teachers’ Pension Plan who share our view of the strong asset management potential of this estate. We hope that this will create a platform for successful future co-investment with them.' Land Securities is a leading UK real estate investment trust (REIT) with an investment portfolio valued at more than £15 bn.

Cadillac Fairview is owned by Ontario Teachers' Pension Plan Board, which represents 300,000 active and retired teachers in Canada. One of largest investors, owners and managers of commercial real estate in North America, Cadillac's portfolio is valued at CAN $15 bn (over EUR 10 bn). Andrea Stephen, executive vice-president of investments for Cadillac Fairview, said he hoped the Thomas More Square deal was the start of a 'long and prosperous relationship' with Land Securities.

Land Securities acted for itself in the transaction, while property advisor DTZ represented Cadillac Fairview and Ontario Teachers' Pension Plan.