Land Securities has announced the sale of Clive House, Petty France, London, to Real IS for over £65 mln (EUR 82mln). The 7,896 m[sup]2[/sup] former Passport Office dates from the 1930's and was redeveloped for the Ministry of Justice in 2004/5, which holds a long-term lease with set annual rent uplifts.
Land Securities has announced the sale of Clive House, Petty France, London, to Real IS for over £65 mln (EUR 82mln). The 7,896 m2 former Passport Office dates from the 1930's and was redeveloped for the Ministry of Justice in 2004/5, which holds a long-term lease with set annual rent uplifts.
Land Securities was advised by Jones Lang LaSalle while Real IS was advised by Knight Frank.
Joachim M. Fritz, global head of structured investments at Real IS, commented: 'The acquisition of Clive House is another milestone in our current Pan-European investment strategy for the relevant institutional client for which we structured and arranged this particular transaction and we value the high quality and sustainable location of this landmark property and the excellent long-term cash flow security because of the appreciated tenant in this premium property.'
