UK REIT Land Securities has said it has exchanged contracts for the sale of Greater London House in Camden, London to local property company Lazari Investments for £ 165 mln (EUR 242 mln). The 30,658 m[sup]2[/sup] Art Deco-style office building was originally developed as a cigarette factory in the 1920s, but was refurbished eight years ago to provide ‘loft-style’ office accommodation and a commercial gym. Current tenants include Young & Rubicam, Tula Group, EMAP and TUI.
UK REIT Land Securities has said it has exchanged contracts for the sale of Greater London House in Camden, London to local property company Lazari Investments for £ 165 mln (EUR 242 mln). The 30,658 m2 Art Deco-style office building was originally developed as a cigarette factory in the 1920s, but was refurbished eight years ago to provide ‘loft-style’ office accommodation and a commercial gym. Current tenants include Young & Rubicam, Tula Group, EMAP and TUI.
Land Securities, which is said to have become one of the world’s three largest REITs when it converted to become one in January, bought Greater London House three years ago. Head of Investment Management for their London Portfolio, Richard Linnell, said that they had disposed of the property at a good price in a strong investment market. Christos Lazari of Lazari Investments said that the acquisition would take their property portfolio to £ 1.6 bn (EUR 2.35 bn) and would perfectly complement their other estates in the centre of London.