Last checked at 29 Mar 2012 07:00
29 March 2012
Land Securities Group PLC ("Land Securities")
LAND SECURITIES SELLS ARUNDEL GREAT COURT
Land Securities has exchanged contracts to sell its 3.3 acre Arundel Great Court, WC2 site for a headline price of £234 million to Waterway PCP Properties Ltd.
The site has planning consent for 147 private apartments, a hotel designed by Horden Cherry Lee overlooking the Thames and a 398,000 sq ft office building designed by Wilkinson Eyre on the Strand.
Robert Noel, Managing Director of Land Securities' London Portfolio, said:
"We have always been clear we would not take forward every opportunity in our development pipeline. With a good range of other schemes in construction and planned in London, particularly in the West End, we have to make choices on the right allocation of resources and capital. With all the occupational leases aligned to expire by September this year, the decision whether to start the redevelopment of Arundel Great Court is approaching and with better opportunities elsewhere in the portfolio we have decided to release value from the site."
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Notes to Editors
For further information, please contact:
Land Securities Group PLC
Press Investors
Donal McCabe Edward Thacker
T: +44 (0)20 7024 5460 T: +44 (0)20 7024 5185
Donal.mccabe@landsecurities.com Edward.thacker@landsecurities.com
Naomi Curtis Melanie Shaw
T: +44 (0) 20 7024 5411 T: +44 (0)20 7024 5255
Naomi.curtis@landsecurities.com Melanie.shaw@landsecurities.com
Land Securitiesis the UK's largest commercial property company and a member of the FTSE 100. The company owns and manages more than 29 million sq ft of property, from shopping centres to offices. For more information see www.landsecurities.com