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Wednesday, 26 February

This Sign of the Times

Land Securities has exchanged contracts to sell its 95% stake in Times Square, London, EC4, to real estate funds managed by Blackstone for £268.4 million with a completion date of the end of this July.

The 380,000sq.ft office building at 160-162 Queen Victoria Street is fully let to six office tenants, including Bank of New York Mellon and law firm Dechert, until 2023.

Explaining the decision, Colette O’Shea, MD, London Portfolio at Land Securities, said the company had recently carried out some lease 're-gearing activity' at Times Square and the sale 'reflects our strategy of recycling capital into our significant development programme'.

As far as Blackstone was concerned, the acquisition was its fourth investment in London. “It is part of the Blackstone Property Partners’ Core+ strategy, following the most recent acquisition of 125 Old Broad Street,” explained Anthony Myers, Head of Real Estate Europe, Blackstone. “Times Square fits the Core+ strategy extremely well as a high quality, well-leased asset in the centre of a global gateway city.”

Strutt & Parker acted on behalf of Land Securities and BNP Paribas advised Blackstone.

Picture:    Changing hands – Times Square will be fully owned by Blackstone after Land Securities sold its 95% stake in it.

Article written by Robin Snow

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