Land Securities acquires 55 Old Broad Street from PGIM

(Sharecast News) - Real estate firm Land Securities had acquired 55 Old Broad Street in East London from PGIM for a headline price of £87.0m and a net initial yield of 4.1%.
Land Securities agreed to take over the 100,000 square foot, ten-storey building on Monday stating it represented an opportunity to deliver a "compelling, best-in-class destination" over the medium-term.

The FTSE 250-listed firm also highlighted that the addition of the property demonstrated its commitment to optimising its central London portfolio through the reinvestment of capital.

LandSec and PGIM agreed to the deal on an unconditional basis and was expected to complete in January.

As of 0815 GMT, Land Securities shares were down 1.60% at 714.0p.