UK REIT Land Securities has acquired the 50% share it did not already own in London's Thomas More Square for £85.3 mln (€106 mln) from joint venture partner, the Ontario Teachers' Pension Plan Board.

UK REIT Land Securities has acquired the 50% share it did not already own in London's Thomas More Square for £85.3 mln (€106 mln) from joint venture partner, the Ontario Teachers' Pension Plan Board.

The deal marks a 35% discount to the price the Canadian pension fund paid for the stake in 2007, when it purchased the interest for £131.5 mln.

Thomas More Square Estate covers around 1.7 hectares and comprises six office buildings incorporating retail, leisure and parking facilities with four smaller retail blocks. It is located between St Katharine Docks and London Dock.

Land Securities was granted planning permission in June 2014 for a comprehensive refurbishment of Building 3 at Thomas More Square and a redesign of the estate’s public realm.

Market research company Ipsos Mori and transport and logistics group Mitsui O.S.K. Lines have already let 9,000 m2 of Building 3 on 15-year leases with 10-year breaks, and a further 9,300 m2 will be available from mid-2015.

Tom Elliott, head of portfolio for the City at Land Securities, said: 'Thomas More Square is in a strong fringe City location and this acquisition gives us full control as we completely redesign the public realm and introduce new retail space. The recent lettings to Ipsos MORI and MOL demonstrate the rising demand for great space in this part of London.'

Land Securities is the UK’s largest listed commercial property company with assets under management of over £13.2 bn.