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Land Securities sells Times Square, London property to Blackstone

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Britain's Land Securities Group Plc said it had struck a deal to sell its 95 per cent stake in an office building in Times Square, London, to real estate funds managed by Blackstone Group LP for 268.4 million pounds (S$552.54 million).

[LONDON] Britain's Land Securities Group Plc said it had struck a deal to sell its 95 per cent stake in an office building in Times Square, London, to real estate funds managed by Blackstone Group LP for 268.4 million pounds (S$552.54 million).

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

Land Securities, Britain's largest listed property developer, said it expected the deal to close by the end of July.

REUTERS