UK REIT Land Securities said on Friday that it has sold its freehold interest in New Scotland Yard property to the Metropolitan Police Authority. The company confirmed in November that it was in talks with London's Metropolitan Police to sell the 137,000 m[sup]2[/sup] property to its occupier for a price believed to be around £130 mln (EUR 139 mln).

UK REIT Land Securities said on Friday that it has sold its freehold interest in New Scotland Yard property to the Metropolitan Police Authority. The company confirmed in November that it was in talks with London's Metropolitan Police to sell the 137,000 m2 property to its occupier for a price believed to be around £130 mln (EUR 139 mln).

'This asset is occupied by the Metropolitan Police, and this transaction provides them with an opportunity to manage their operational property directly. As there is very limited action for us in holding the property over the next few years, a release of equity from it is in shareholders’ best interests,' said Richard Linnell, head of Investment at Land Securities' London portfolio.

Steve O’Connell, chair of the MPA Finance and Resources Committee, said: 'This move will give us total control over the operational management of the building and decisions about the timing and extent of any future asset strategies.'

Franc Warwick and King Sturge advised Land Securities and CB Richard Ellis advised the Metropolitan Police Authority.