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Bengaluru: Landlords of Britain land securities said on friday it sold out One New Street Square in office property London to be located in hong kong Chinachem Group for 349.5 million pounds ($432.12 million), in line with its strategy to offload mature office spaces in the capital.
British landlords are grappling with falling valuations of their properties, plagued by rising interest rates and macroeconomic uncertainty.
276,502 sq ft of office space is valued at £362.8 million in September 2022, landsec Told.
Landsec plans to sell mature London offices worth around £2.5 billion, following a strategic review carried out in late 2020. With the latest sale, it is just £400 million short of that target and will use the proceeds to pay down debt.
London-headquartered Landsec, which has around £11 billion in assets, counts office space as its primary portfolio, with two-thirds of properties in central London.
A New Street Square property, bought by Landsec in 2005 and with Deloitte having an outstanding lease term of 14 years, has left the office completely vacant.
Landsec, one of the UK’s top landlords, said in November that the overall value of its properties fell 2.9% from the end of March to 30 September, while the value of its prime office portfolio fell 4.4%.
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