Land Secs offloads London complex to Resolution for €380m

UK REIT Land Securities has sold the Thomas More Square estate in Wapping, east London, to Resolution Property for around £300 mln (€380 mln).

The 566,000 sq ft (52,600 m2) estate covers 4.2 acres and comprises six office buildings incorporating retail, leisure and parking facilities alongside four smaller retail blocks.

Land Securities took full control of the asset in November 2014 with the purchase of the remaining 50% share from its joint venture partner the Ontario Teachers' Pension Plan Board for £85.3 mln.

It subsequently obtained planning permission for the refurbishment of 200,000 sq ft of office space and secured a series of lettings to tenants including Equitini and Digital Window.

CBRE represented Land Securities. Resolution was advised by Ashwell Rogers and GM Real Estate.