UK - LaSalle Investment Management has sold the headquarters of Land Securities in London on behalf of an unnamed pension fund client.
The office building, No.5 The Strand, was sold for £44m, (€47.9m) reflecting an initial yield of 6.5%.
The 6,709 square metre office, let to UK property company Land Securities for the next nine years, is located next to Trafalgar Square and was developed by the pension fund between 1980 and 1983.
"This is an asset where we have recently re-geared the leases with the tenants and have therefore looked to capitalise on the current demand for offices within the West End," said Julian Agnew, fund manager at LaSalle.
"We will look to reinvest these proceeds and further monies into assets that have potential for change of use through planning or into multi-let buildings with short leases. Our preference is to work with partners on theses type of situationsm" he added.
The purchaser, a private individual, is understood to have represented themselves in the process while LaSalle Investment management was represented by Jones Lang LaSalle.