Land Securities has completed the sale of Portman House, a retail and office investment on Oxford Street in London to Kinloss Property, a wholly owned subsidiary of the Libyan Foreign Investment Company (LAFICO).
Land Securities has completed the sale of Portman House, a retail and office investment on Oxford Street in London to Kinloss Property, a wholly owned subsidiary of the Libyan Foreign Investment Company (LAFICO).
The transaction volume of £155 mln (EUR 181 mln) reflects a yield of just over 7%.
Land Securities said the building provides 13,615 m2 of multi-tenanted offices and retail accommodation at a total rent of £11.5 mln per annum. The property is held on a long lease from The Portman Estate for a term expiring 2152.
Franc Warwick advised Land Securities. James Andrew International acted for Kinloss Property (LAFICO) and has taken over the management of the investment.
In December 2008, Libya made its first investment in the London real estate market since the 1990s with the acquisition of an office property in the City of London district for £120 mln.
