Landsec and Blackstone ink near £200m London property deal
Land Securities Group has inked a nearly £200m deal with Blackstone to sell off its London property Harbour Exchange, a data centre which hosts offices.
The £196.5m move forms part of Land Securities’ wider portfolio reshuffle plans – after the pandemic diluted the valuations of some retail and office spaces.
“Through this disposal, we are recycling capital into opportunities where we can bring to bear Landsec’s skills and expertise to drive growth and returns for our investors,” central London managing director at Landsec, Marcus Geddes said.
The deal is expected to be completed before the end of next year.
Just last week, Landsec also snapped up a 75 per cent stake in media hub MediaCity for around £433m.
Over the past 18 months, an increasing number of UK landlords have decided to diversify their portfolios, after emergency pandemic restrictions pushed consumers away from high streets to online shopping.
Meanwhile, work from home guidance gave Brits an opportunity to reimagine the world of work and the role of the office, which has prompted other landlords to sell off these assets.